pita pal sells fast-food franchises. pita pal receives $69,000 from a new franchisee for providing initial training, equipment, and furnishings that together have a stand-alone selling price of $69,000. pita pal also receives $34,200 per year for use of the pita pal name and for ongoing consulting services (starting on the date the franchise is purchased). rachel became a pita pal franchisee on march 1, 2021, and on may 1, 2021 rachel had completed training and was open for business. how much revenue in 2021 will pita pal recognize for its arrangement with rachel?

In accounting, the total amount of money earned through the sale of goods and services that are crucial to the business's fundamental activities is referred to as revenue.

Sales or turnover are other terms used to describe commercial revenue. Some businesses make money from royalties, interest, or other fees.

As in "Last year, Company X had revenue of $42 million," the term "revenue" can refer to either general income or the sum of money earned during a specific period of time.

The general definition of profits or net income is total revenue less total expenses for a specific time period.

A government's money from tax payers is known as tax revenue. A charity's money from donors and other sources used to pursue its charitable objectives is known as fundraising revenue.

Revenue to be recognized = Initial cost + Consulting fee

Initial cost = 84,000.

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