Business, 10.03.2020 05:56, student10190

Scenario 1: During 2021, IBM provides consulting services on its mainframe computer for $10,200 on account. The customer does not pay for those services until 2022. Scenario 2: On January 1, 2021, Gold’s Gym sells a one-year membership for $1,064 cash. Normally, this type of membership would cost $1,520, but the company is offering a 30% "New Year’s Resolution" discount. Scenario 3: During 2021, The Manitowoc Company provides shipbuilding services to the U. S. Navy for $330,000. The U. S. Navy will pay $110,000 at the end of each year for the next three years, beginning in 2021. Scenario 4: During 2021, Goodyear sells tires to customers on account for $26,200. By the end of the year, collections total $22,000. At the end of 2022, it becomes apparent that the remaining $4,200 will never be collected from customers. Required: For each scenario, calculate the amount of revenue to be recognized in 2021.

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Scenario 1: During 2021, IBM provides consulting services on its mainframe computer for $10,200 on a...