The following information relates to SellIT:
5000 units of stock were sold for $10 per unit
The cost of that stock to SellIT was $4.50 per unit
Other costs incurred during the period totalled $10 000
Proceeds on sale of an item of plant during the period was $2000
The carrying amount of the plant at the date of disposal was $500.
SellIT would recognise the following amount as revenue for the period:
A) $27 500.
B) $50 000.
C) $51 500.
D) $52 000.
Correct Answer:
Verified
Q9: Orange Pty Ltd develops and sells off-the-shelf
Q13: The two elements of performance referred to
Q14: Which of the following is NOT an
Q15: The effect that IFRIC Interpretation titled Agreements
Q17: TelCo provides a bundled service offering to
Q18: TelCo provides a bundled service offering to
Q21: Deefer Limited sold an item of machinery
Q25: Which of the following is NOT an
Q28: The introduction of IFRIC 13 Customer Loyalty
Q29: Which of the following items are defined
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents