ct Quiz 3 Summer 2018 0 O You received no credit for this qu

ct Quiz #3 Summer 2018 0 O You received no credit for this question in the previous attempt 2 Brief Exercise 5-27 Timing of revenue recognition; consignment [LO5-7 Kerianne paints landscapes, and in late 2018 placed four paintings with a retail price of $260 each in the Holmstrom Gallery. Kerlanne\'s rangement with Holmstrom is that Holmstrom will earn a 10% commission on paintings sold to gallery patrons. As of December 3 2018, one painting had been sold by Holmstrom to gallery patrons. How much revenue with respect to these four paintings should Kerianne recognize in 201817 26 Print References Macb G Search or type URL 3 5 6 a W E R

Solution

Revenue = $260

Revenue of only \'one painting\' sold should be recognized in 2018. Commission shouldn\'t be deducted when revenue is recognized.