Barrett is a real estate broker.He actively advertises his own and his clients' real estate for sale.He had the following transactions for one segment of his business:
How should Barrett account for the sales in 2017?
Definitions:
Indirect Materials
Materials used in the production process but not directly traceable to a finished product, such as lubricants and cleaning supplies.
Advertising
The activity of promoting products or services to potential customers through various media channels.
Current Asset Items
Assets that are expected to be converted into cash, sold, or consumed within one year or the operating cycle, whichever is longer; includes cash, accounts receivable, and inventory.
Balance Sheet
A financial statement that provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and equity.
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