Realization Principle
Sky Bound Airlines has provided the following information regarding cash received for ticket sales in September and October:
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Cash received in September for October flights
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$1,700,000
|
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Cash received in October for October flights
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1,300,000
|
|
Cash received in October for November flights
|
1,800,000
|
Apply the realization principle to determine how much revenue Sky Bound Airlines should report in its October income statement.