What amount should be reported as the balance for magazine

Assignment Help Accounting Basics
Reference no: EM132786928

Weaver Company sells magazine subscriptions for a 1-year, 2-year or 3-year period.

Cash receipts from subscribers are credited to magazine subscriptions collected in advance and this account had a balance of P1,700,000 on danuary 1, 2020.

The entity provided the following information for the year ended December 31, 2020:

Cash receipts from subscribers 2,100,000

Magazine subscriptions revenue

credited on December 31, 2020 1,500,000

Question 1: On December 31, 2020, what amount should be reported as the balance for magazine subscriptios collected in advance?

a. 1,900,000

b. 2,300,000

C. 1,400,000

d. 2,100,000

Reference no: EM132786928

Questions Cloud

Impact on market equilibrium price and quantity : The federal government implemented the Cash for Clunkers program in July 2009 as part of an effort to stimulate the economy, and the U.S. auto sector in particu
What is the liability for deposits on december : What is the liability for deposits on December 31, 2020? The customer is charged a deposit for each container delivered and receives a refund
Draw the production possibilities frontiers : Draw the production possibilities frontiers for each country on separate graphs.
What amount should be reported as unearned subscription : Anette Video Company sells 1- and 2-year subscriptions, On December 31, 2021, what amount should be reported as unearned subscription revenue?
What amount should be reported as the balance for magazine : Weaver Company sells magazine subscriptions for a 1-year, what amount should be reported as the balance for magazine subscriptios collected in advance?
Examine the history of the vietnam navy : Examine the history of the Vietnam Navy. Identify and summarize the current countries allied and train with the Vietnam's Navy.
What amount should be reported as deferred revenue : Hart Company sells subscriptions to a specialized directory, What amount should be reported as deferred revenue from subscription on December 31?
What is the unearned revenue on december : What is the unearned revenue on December 31, 2020? Cobb Company sells appliance service contracts ageeing to repair appliances for two-year period.
What amount should be reported as deferered service revenue : Dunne Company sells equipment service contract, What amount should be reported as deferered service revenue on December 31, 2020?

Reviews

Write a Review

Accounting Basics Questions & Answers

  The variable and fixed overhead rates were computed using

nelson co. manufactures a product that requires 3.5 machine hours per unit. the variable and fixed overhead rates were

  What is the total manufacturing cost per unit

Ace Widget Company is a process manufacturer. The company budgeted 11,500 direct labor hours but had actual. What is the total manufacturing cost per unit?

  As a result of their divorce fred agrees to pay alimony to

as a result of their divorce fred agrees to pay alimony to tammy of 20000 per year. the payments are to cease in the

  If required round your cost per equivalent unit amounts to

information for the sandy manufacturing company for the month of july 2012 is as follows.beginning work in

  Retro companys perpetual inventory records indicate

Retro Company's perpetual inventory records indicate that $975,000 of merchandise should be on hand on October 31, 2010. The physical inventory indicates that $894,750 of merchandise is actually on hand.

  Prepare the journal entry to record income tax expense

Assuming there were no temporary differences prior to 2017, prepare the journal entry to record income tax expense, deferred income taxes

  In washburns factory what is the break-even point for the

in washburns factory what is the break-even point for the new line of guitars if the retail price isa 349b 389 andc

  Explain the slip reporting for the two groups of employees

Explain the difference in the T4 information slip reporting for these two groups of employees. Your organization currently has a defined contribution pension.

  What is the carrying amount of the leasehold improvement

Alterations were made on the building at a cost of P2,000,000. What is the carrying amount of the leasehold improvement at the end of the year?

  Prepare the journal entries to record the october payroll

Prepare the journal entries to record the October payroll and the employers payroll tax expense for the month of October

  Provide all necessary journal entries

Grandpas Are Us (GAU) recently acquired a new piece of land in Burton County on April 1, 2012. Provide all necessary journal entries for 2012 through 2020

  What types of financial statements are used by organizations

Discuss the differences between financial and managerial accounting. What types of financial statements are used by business organizations

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd