The Present Times Newspaper Company showed a $14,000 liability in its 2020 balance sheet for subscription...
The Present Times Newspaper Company showed a $14,000 liability in its 2020 balance sheet for subscription revenue received in advance. During 2021, $60,000 was received from customers for subscriptions and the 2021 income statement reported subscription revenue of $25,000. What is the liability amount for deferred subscription revenue that will appear in the 2021 balance sheet?
a.$0.
b.$11,000.
c.$49,000.
d.$71,000.
Homework Answers
c.$49,000.
| subscription received during 2020 | 60,000 |
| add: beginning liability | 14,000 |
| less: subscription revenue of 2021 | (25,000) |
| deferred subscription revenue | 49,000 |
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