Cascades Enterprises ordered 4,000 brackets from McKey and Company on December 1, 2014, for a contracted price of $40,000. McKey completed manufacturing the brackets on January 17 of the next year and delivered them to Cascades on February 9. McKey received a check for $40,000 from Cascades on March 14.a. Assume that McKey and Company prepares monthly income statements. In which month should McKey recognize the $40,000 revenue from the sale?b. Justify your answer in (a) in terms of the four criteria of revenue recognition.c. Are there conditions under which the revenue could be recognized in a different month than the month you chose in (a)? d. Provide several reasons why McKey\’s management might be interested in the timing of the recognition of revenue.
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