The following are brief descriptions of several companies in different lines of business. A. Company A is a construction company. It has recently signed a contract to build a highway over a three-year period. A down payment was collected; the remaining collections will occur periodically over the construction period based upon the degree of completion. B. Company B is a retailer. It makes sales on a daily basis for cash and on credit cards. C. Company C is a health spa. It has recently signed con- tracts with numerous individuals to use its facilities over a two-year period. The contract price was collected in advance. D. Company D is a land development company. It has recently begun developing a “retirement community” and has sold lots to senior citizens. The sales contract requires a small down payment and periodic payments until com- pletion of the roads and a clubhouse, after which the remainder of the purchase price is due. Prior to this point, a purchaser may cancel the contract and receive a refund of all payments. Required Describe when revenue should be recognized by each com- pany. If revenue should not be recognized at the time of sale, indicate what method should be used to recognize the rev- enue. Justify your decision.
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