On April 1, Garcia Publishing Company received $1,548 from Otisco, Inc. for 36-month subscriptions to several...
On April 1, Garcia Publishing Company received $1,548 from Otisco, Inc. for 36-month subscriptions to several different magazines. The subscriptions started immediately. What is the amount of revenue that should be recorded by Otisco Publishing Company for the first year of the subscription assuming the company uses a calendar-year reporting period?
Homework Answers
Please hit like if this helps, comment for any further queries.
Garcia Publishing Company will book it's revenue for the subscription on a straight line basis over the period of the contract of 36 months. As on the calander year end, 9 months out of the 36 months of subscription have elapsed and the same are eligible to be booked as revenue. Hence, Revenue for the year = $1,548 * 9/36 = $387.
Add Answer to:
On April 1, Garcia Publishing Company received $1,548 from
Otisco, Inc. for 36-month subscriptions to several...
On April 1, Gimit Publishing Company received 533,480 from Santa Fe, Inc. for 36-month subscriptions to...
On April 1, Gimit Publishing Company received 533,480 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The company credited Uneaned Fees for the amount received and the Subscriptions started immediately. Assuming adjustments are only made at year-end, what is the adjusting entry that should be recorded by Griffith Publishing Company on December 31 of the first year! Moe Choc o debit Uneamed Fees, 60, cred Fees Eamed, s, debt nedfees, 58,370, cred Fees E58,370 der Uncamede, 33.480,...
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...
Can someone please answer? 56. A magazine company received $1,200 cash for subscriptions in August for...
Can someone please answer? 56. A magazine company received $1,200 cash for subscriptions in August for magazines to be mailed in September 2004 through December 2004. It originally recorded the amount received in a "temporary" account. After mailing 1/4 of the magazines in September 2004, the correct adjusting entry at the end of September (adjusting entries are made monthly by the Company) will be: Subscriptions Revenue 300 Unearned Revenue 300 Subscriptions Revenue 900 Unearned Revenue 900 Unearned Revenue 300 Subscriptions...
J e received P 1.200,000 from its students for the spring semester that recorded in Uncanned...
J e received P 1.200,000 from its students for the spring semester that recorded in Uncanned buition and Fees The term spans four months beginning on January 2 and the college spread the revenue evenly over the months of the term Asuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on February 28? AP 300,000 BP 600,000 C.P 800,000 D.P 900,000 E.P 1.200.000 15. Unpaid water bill was not recorded. Which of the following...
Account Analysis Question 3 (please show your calculation for each part): On November 1, Cosmetics Magazine...
Account Analysis Question 3 (please show your calculation for each part): On November 1, Cosmetics Magazine started publishing a monthly magazine for which a one year subscription costs customers $24. All subscriptions require payment of the full $24 (in cash) in advance. During the month of November, the company sold 150 one-year subscriptions, and during the month of December, the company sold 400 one-year subscriptions. The company allocates the revenue evenly (i.e., such that $2.00 in revenue is allocated to...
Times-Roman Publishing Company reports the following amounts in his first three years of operation: ($ in...
Times-Roman Publishing Company reports the following amounts in his first three years of operation: ($ in 000s) 2018. 2019. 2020 pretax acct inc. $200. $180. $170 taxable income. 220. 190. 180 the difference between pre-tax accounting income and taxable income is due to subscription revenue for one year magazine subscriptions being reported for tax purposes in the year received, but reported in the income statement in later years when the performance obligation is satisfied. The income tax rate is 40%...
Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables,...
Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $330,000 of common stock on April 1. b. Acquired a barn for $165,000. On April 2, the company paid half the amount in cash and signed a three-year...
Chapter 3 Homework Prepare adjusting entries for the Smith Company, which provides market research services, as...
Chapter 3 Homework Prepare adjusting entries for the Smith Company, which provides market research services, as of December 31 of the current year. 1) On November 1, Smith paid an insurance premium covering six months in the amount of $18,000, and recorded the payment in the Prepaid Insurance account >> The company started the year with $11,000 in the Office Supplies account, and purchased $4,000 more during the year, but a count at December 31 showed that $2,000 were on...
Below are the transactions for Broncho Landscaping Masters, Inc. for the month of April 2019 This...
Below are the transactions for Broncho Landscaping Masters, Inc. for the month of April 2019 This is the company's first month of operation. Its owner is a retired University of Central Oklahoma professor who wants to launch a career on HGTV April 1-Invested $15,000 cash and an SUV valued at $45,000 to start Broncho Landscaping Masters, Inc. The business issued 10,000 shares of no-par common stock in exchange for these assets. April 3-Borrowed $50,000 from Last National Bank. The loan...
Below are the transactions for Broncho Landscaping Masters, Inc. for the month of April 2019. This...
Below are the transactions for Broncho Landscaping Masters, Inc. for the month of April 2019. This is the company's first month of operation. Its owner is a retired University of Central Oklahoma professor who wants to launch a career on HGTV April 1-Invested $15,000 cash and an SUV valued at $45,000 to start Broncho Landscaping Masters, Inc. The business issued 10,000 shares of no-par common stock in exchange for these assets. a. b. April 3--Borrowed $50,000 from Last National Bank....
On April 1, Gimit Publishing Company received 533,480 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The company credited Uneaned Fees for the amount received and the Subscriptions started immediately. Assuming adjustments are only made at year-end, what is the adjusting entry that should be recorded by Griffith Publishing Company on December 31 of the first year! Moe Choc o debit Uneamed Fees, 60, cred Fees Eamed, s, debt nedfees, 58,370, cred Fees E58,370 der Uncamede, 33.480,...
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...
J e received P 1.200,000 from its students for the spring semester that recorded in Uncanned buition and Fees The term spans four months beginning on January 2 and the college spread the revenue evenly over the months of the term Asuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on February 28? AP 300,000 BP 600,000 C.P 800,000 D.P 900,000 E.P 1.200.000 15. Unpaid water bill was not recorded. Which of the following...
Account Analysis Question 3 (please show your calculation for each part): On November 1, Cosmetics Magazine started publishing a monthly magazine for which a one year subscription costs customers $24. All subscriptions require payment of the full $24 (in cash) in advance. During the month of November, the company sold 150 one-year subscriptions, and during the month of December, the company sold 400 one-year subscriptions. The company allocates the revenue evenly (i.e., such that $2.00 in revenue is allocated to...
Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $330,000 of common stock on April 1. b. Acquired a barn for $165,000. On April 2, the company paid half the amount in cash and signed a three-year...
Chapter 3 Homework Prepare adjusting entries for the Smith Company, which provides market research services, as of December 31 of the current year. 1) On November 1, Smith paid an insurance premium covering six months in the amount of $18,000, and recorded the payment in the Prepaid Insurance account >> The company started the year with $11,000 in the Office Supplies account, and purchased $4,000 more during the year, but a count at December 31 showed that $2,000 were on...
Below are the transactions for Broncho Landscaping Masters, Inc. for the month of April 2019 This is the company's first month of operation. Its owner is a retired University of Central Oklahoma professor who wants to launch a career on HGTV April 1-Invested $15,000 cash and an SUV valued at $45,000 to start Broncho Landscaping Masters, Inc. The business issued 10,000 shares of no-par common stock in exchange for these assets. April 3-Borrowed $50,000 from Last National Bank. The loan...
Below are the transactions for Broncho Landscaping Masters, Inc. for the month of April 2019. This is the company's first month of operation. Its owner is a retired University of Central Oklahoma professor who wants to launch a career on HGTV April 1-Invested $15,000 cash and an SUV valued at $45,000 to start Broncho Landscaping Masters, Inc. The business issued 10,000 shares of no-par common stock in exchange for these assets. a. b. April 3--Borrowed $50,000 from Last National Bank....
Most questions answered within 3 hours.
-
A first order chemical reaction has an energy of activation of
90.0 kJ/mol and a rate...
asked 1 hour ago -
Which statement is not correct?
Mutations change the sequence of nucleotides in DNA.
Mutations can be...
asked 3 hours ago -
An organization is not required to accommodate an employee's
disability when the accommodation would cause "undue...
asked 3 hours ago -
Mojo Mining has a bond outstanding that sells for $2,165 and
matures in 17 years. The...
asked 3 hours ago -
Olympic weightlifter Zoe Smith holds a 58 kg barbell over her
head, 2.1 meters above the...
asked 3 hours ago -
For sample average = 28 and a μ = 17 and a s = 4 and...
asked 3 hours ago -
A
short forward contract that was negotiated some time ago will
expire in three months and...
asked 3 hours ago -
If R = R1L2/L3, what is the measurement error dR based on the
rules of error...
asked 3 hours ago -
At equilibrium, the concentrations of N2(g),
O2 (g) and NO (g) in a sealed reaction vessel...
asked 3 hours ago -
Find P(X-bar > 15.5)
n=81, Mean=15, SD=1
asked 4 hours ago -
3. What percentage of search engine users don’t go to the next
page of search results?...
asked 4 hours ago -
Since Tanya Martin retired, she has used income from her
investment in the Alger Mid Cap...
asked 4 hours ago