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How much is the total deferred revenue

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Question - Rich Man Poor Man Company sell service contracts that cover a 2-year period. The sale price of each contract is P2,000 and Rich Man Poor Man sold 1,000 contracts evenly throughout 2019. Rich Man Poor Man past experience shows that of the total pesos spent for repairs on service contracts, 40% is incurred evenly during the first contract year and 60% evenly during the second contract year.

-How much is the total deferred revenue in 2019?

-Using information from no. 1, how much is the service revenue recognized in 2019?

-From the information given in no. 1, how much is the service revenue in 2020?

-Using the same information from no.1, what is the amount of deferred revenue in 2021?

-What is the amount of service revenue recognized in 2021, using the same information from no. 1?

Reference no: EM132927879

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