Your business exchanged accounting services, worth $30,000, toLuna Inc. for equipment worth $15,000 at...

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Accounting

Your business exchanged accounting services, worth $30,000, toLuna Inc. for equipment worth $15,000 at the date of the exchange.How much revenue should your business report as a result of thetransaction?
$45,000
$0 because no cash was paid.
$30,000
$15,000

Answer & Explanation Solved by verified expert

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The correct answer is 30000 Supporting explanations Revenue consideration should be done based on the fact that how much worth of services are provided and the services may be provided See Answer

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In: AccountingYour business exchanged accounting services, worth $30,000, toLuna Inc. for equipment worth $15,000 at the...Your business exchanged accounting services, worth $30,000, toLuna Inc. for equipment worth $15,000 at the date of the exchange.How much revenue should your business report as a result of thetransaction?$45,000$0 because no cash was paid.$30,000$15,000

Your business exchanged accounting services, worth $30,000, toLuna Inc. for equipment worth $15,000 at...

80.2K

Verified Solution

Question

Accounting

Your business exchanged accounting services, worth $30,000, toLuna Inc. for equipment worth $15,000 at the date of the exchange.How much revenue should your business report as a result of thetransaction?
$45,000
$0 because no cash was paid.
$30,000
$15,000

Answer & Explanation Solved by verified expert

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