Homework Answers
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Amount to be reported as balance for magazine subscriptions collected in advance = 1,700,000 + 2,100,000 - 1,500,000 = 2,300,000 Option C is the answer |
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Weaver Company sells magazine subscriptions for a 1-year, 2-year, or 3-year period. Cash receipts from subscribers...
Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and...
Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Seacoast Magazine should record revenue for this situation. b. the amount of revenue Seacoast Magazine should record for eight issues.
Northern Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over...
Northern Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period Read the Requirement 1. Record the journal entry to record the original receipt of $130,000 cash (Record debits first, then credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit 1. Record the journal entry to record the original receipt of $130,000 cash 2. Record the adjusting entry that Northern Magazine makes...
S3-3 Applying the revenue recognition principle Seacoast Magazine sells subscriptions for $36 for 18 issues. The...
S3-3 Applying the revenue recognition principle Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Seacoast Magazine should record revenue for this situation. b. the amount of revenue Seacoast Magazine should record for eight issues. S3-4 Applying the matching principle Suppose on January 1, Andrew's Tavern prepaid rent of $16,800 for the full year. At...
Need this answered within the hour, it's super quick thank you Vogue Magazine sells magazine subscriptions...
Need this answered within the hour, it's super quick thank
you
Vogue Magazine sells magazine subscriptions to customers. Customers pay in advance for the full year's subscription. During the year, Vogue collected $220,000 from customers. Vogue's balance in deferred revenue decreased by $10,000 during the year. How much revenue did Vogue Magazines record during the year? (Hint: you can make up any beginning and ending balance as long as the ending is $10000 less than the beginning). Multiple Choice $220,000...
Hang On Publishing Company publishes The Accountant magazine and sells one-year subscriptions to its customers. On...
Hang On Publishing Company publishes The Accountant magazine and sells one-year subscriptions to its customers. On April 1, 2019, the company prepays an annual insurance policy of $15,000, covering the period of 4/1/2019 – 3/31/2020. How much Insurance Expense should the company recognize for the period ended December 31, 2019? Assume the company uses an annual accounting period and makes all adjusting entries on December 31st. a. $1,250. b. $15,000. c. $0. d. $11,250. e. $3,750.
(6 Marks, each 3 Question 1: marks) A- Presley Company sells a product that includes a...
(6 Marks, each 3 Question 1: marks) A- Presley Company sells a product that includes a one-year warranty on parts and labor. During the year, 10,000 units are sold. Presley expects that 3% of the units will be defective and that the average warranty cost will be S50 per unit. Actual warranty costs incurred during the year were $14,000. Instructions Prepare the journal entries to record (a) the estimated warranty costs and (b) the actual costs incurred. B- Golf World...
Part 1 of 2 $ 754 446 308 219 Weaver Company Income Statement For This Year...
Part 1 of 2 $ 754 446 308 219 Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income 89 6.66 points $ 6 (3) eBook Print During this year, Weaver sold some equipment for $18 that had cost $31 and on which there was accumulated depreciation...
Denny Co. sells major household appliance service contracts for cash. The service contracts are for a...
Denny Co. sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, or three-year period. Cash receipts from contracts are credited to Unearned Service Revenues. This account had a balance of $900,000 at December 31, 2011 before year-end adjustment. Service contracts still outstanding at December 31, 2011 expire as follows: Service contracts still outstanding at December 31, 2011 expire as follows: During 2012 During 2013 During 2014 $190,000 $285,000 $125,000 What amount should be...
Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ 9...
Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ 9 $ 12 Accounts receivable 307 231 Inventory 156 195 Prepaid expenses 9 5 Total current assets 481 443 Property, plant, and equipment 508 429 Less accumulated depreciation (85 ) (70 ) Net property, plant, and equipment 423 359 Long-term investments 28 34 Total assets $ 932 $ 836 Liabilities and Stockholders' Equity Accounts payable $ 303 $ 226 Accrued liabilities 71 78 Income taxes...
The following is the receipts and payments account of Queen's Club for the year ended 31 December 2016: Receipts:...
The following is the receipts and payments account of Queen's Club for the year ended 31 December 2016: Receipts: Payments: 88680 8320 Balance b/f 2040 Bar Purchases Wages Rent Entrance fees 840 Subscriptions: 2015 2016 2017 500 3720 6100 2560 1940 Heating and lighting General expenses New Equipment Balance c/f 700 Bar Sales Sales of investments 104540 9000 15000 129720 15500 129720 1. Additional information: 1 January 2016 31 December 2016 Bar inventory Owing for bar purchases Rent due 5440...
Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Seacoast Magazine should record revenue for this situation. b. the amount of revenue Seacoast Magazine should record for eight issues.
Northern Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period Read the Requirement 1. Record the journal entry to record the original receipt of $130,000 cash (Record debits first, then credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit 1. Record the journal entry to record the original receipt of $130,000 cash 2. Record the adjusting entry that Northern Magazine makes...
S3-3 Applying the revenue recognition principle Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Seacoast Magazine should record revenue for this situation. b. the amount of revenue Seacoast Magazine should record for eight issues. S3-4 Applying the matching principle Suppose on January 1, Andrew's Tavern prepaid rent of $16,800 for the full year. At...
Need this answered within the hour, it's super quick thank
you
Vogue Magazine sells magazine subscriptions to customers. Customers pay in advance for the full year's subscription. During the year, Vogue collected $220,000 from customers. Vogue's balance in deferred revenue decreased by $10,000 during the year. How much revenue did Vogue Magazines record during the year? (Hint: you can make up any beginning and ending balance as long as the ending is $10000 less than the beginning). Multiple Choice $220,000...
(6 Marks, each 3 Question 1: marks) A- Presley Company sells a product that includes a one-year warranty on parts and labor. During the year, 10,000 units are sold. Presley expects that 3% of the units will be defective and that the average warranty cost will be S50 per unit. Actual warranty costs incurred during the year were $14,000. Instructions Prepare the journal entries to record (a) the estimated warranty costs and (b) the actual costs incurred. B- Golf World...
Part 1 of 2 $ 754 446 308 219 Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income 89 6.66 points $ 6 (3) eBook Print During this year, Weaver sold some equipment for $18 that had cost $31 and on which there was accumulated depreciation...
Denny Co. sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, or three-year period. Cash receipts from contracts are credited to Unearned Service Revenues. This account had a balance of $900,000 at December 31, 2011 before year-end adjustment. Service contracts still outstanding at December 31, 2011 expire as follows: Service contracts still outstanding at December 31, 2011 expire as follows: During 2012 During 2013 During 2014 $190,000 $285,000 $125,000 What amount should be...
The following is the receipts and payments account of Queen's Club for the year ended 31 December 2016: Receipts: Payments: 88680 8320 Balance b/f 2040 Bar Purchases Wages Rent Entrance fees 840 Subscriptions: 2015 2016 2017 500 3720 6100 2560 1940 Heating and lighting General expenses New Equipment Balance c/f 700 Bar Sales Sales of investments 104540 9000 15000 129720 15500 129720 1. Additional information: 1 January 2016 31 December 2016 Bar inventory Owing for bar purchases Rent due 5440...
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