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What amount should be reported as unearned subscription

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Reference no: EM132786929

Anette Video Company sells 1- and 2-year subscriptions for the video-of-the-month business.

Subscriptions are collected in advance and credited to sales. An analysis of the recorded sales activity revealed the following:

                                    2020                   2021

Sales                           420,000         500,000

Less cancelations            20,000             30,000

Net sales                          400,000            470,000

Subscription expirations:

2020            120,000

2021              155,000          130,000

2022                125,000               200,000

2023                     140,000

                         400,000               470,000

Question 1. On December 31, 2021, what amount should be reported as unearned subscription revenue?

a. 495,000

b. 470,000

C. 465,000

d. 340,000

Question 2. What amount should be reported as subscription revenue for 2021?

a. 175,000

b. 305,000

C. 285,000

d. 250,000

Reference no: EM132786929

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