Answered: Kerianne paints landscapes, and in late…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

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Kerianne paints landscapes, and in late 2018 placed four paintings with a retail price of $250 each in the Holmstrom Gallery. Kerianne’s arrangement with Holmstrom is that Holmstrom will earn a 20% commission on
paintings sold to gallery patrons. As of December 31, 2018, one painting had been sold by Holmstrom to gallery
patrons. How much revenue with respect to these four paintings should Kerianne recognize in 2018?

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Kerianne paints landscapes, and in late 2024 placed four paintings with a retail price of $440 each in the Holmstrom Gallery. Kerianne’s arrangement with Holmstrom is that Holmstrom will earn a 20% commission on paintings sold to gallery patrons. As of December 31, 2024, one painting had been sold by Holmstrom to gallery patrons.

How much revenue with respect to these four paintings should Kerianne recognize in 2024?

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