Replies to post #78271 on Imagination TV Inc. (IMTV)

[paulyb]

Billing business creates a revenue at that point(receivable),and should be included in the month that it was put on the books. Collecting that money doesn't have anything to do with revenues unless the receivable goes bad. The company may choose to
give terms on the sale,ex.,net 30days,5%10days,bal net 30,etc.

If ICPA is using normal acctg. procedures I predict that the 3rd qtr. revenues will be under $60,000. The more important number is how much was spent to achieve those sales. I predict that the expenses will be over $150,000.