Question
In: Accounting
Wellness, a healthy living magazine, collected $ 540, 000 in subscription revenue on May 31. Each...
Wellness, a healthy living magazine, collected $ 540, 000 in subscription revenue on May 31. Each subscriber will receive an issue of the magazine in each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. What is the balance in the Unearned Revenue account as of December 31?
Solutions
Expert Solution
| june to december will be earned that is for 7 months | ||||||
| so unearned balance will be 12 - 7 months = 5 months | ||||||
| Balance in unearned revenue account | ||||||
| (540000/12)*5 | ||||||
| 225000 | answer | |||||
ekkarill92 answered 2 years agoRelated Solutions
On December 31, 2012, Lunes Company collected $174,000 in unearned subscription revenue which is to be...
On December 31, 2012, Lunes Company collected $174,000 in
unearned subscription revenue which is to be earned equally over
the next three (3) years. Pretax financial income in 2012 amounted
to $595,000. Lunes’ applicable tax rate is 34% in 2012. Recently
enacted tax laws have indicated that Lunes’ tax rate will increase
to 37% in 2013. There is no evidence to suggest any future tax rate
changes beyond what is currently known.
Problem 2: (Revised 6.3) Magazine Advertising: In a study of revenue from advertising, data were collected...
Problem 2: (Revised 6.3) Magazine Advertising: In a study of
revenue from advertising, data were collected for 41 magazines list
as follows. The variables observed are number of pages of
advertising and advertising revenue. The names of the magazines are
listed as:
(use sas）
Adv Revenue
25 50
15 49.7
20 34
17 30.7
23 27
17 26.3
14 24.6
22 16.9
12 16.7
15 14.6
8 13.8
7 13.2
9 13.1
12 10.6
1 8.8
6 8.7
12 8.5...
Problem 2: (Revised 6.3) Magazine Advertising: In a study of revenue from advertising, data were collected...
Problem 2: (Revised 6.3) Magazine Advertising: In a study of
revenue from advertising, data were collected for 41 magazines list
as follows. The variables observed are number of pages of
advertising and advertising revenue. The names of the magazines are
listed as:
Here is the code help you to paste data into your R:
data6<-'Adv Revenue
25 50
15 49.7
20 34
17 30.7
23 27
17 26.3
14 24.6
22 16.9
12 16.7
15 14.6
8 13.8
7 13.2...
Revenue Cycle Management Data is collected at each step of the revenue cycle, and an error...
Revenue Cycle Management
Data is collected at each step of the revenue cycle, and an error
or lack of action at any step in the cycle may result in delayed or
lost revenue.
Discuss three steps in the revenue cycle, explaining
what action occurs; provide an example for each step.
Describe a negative result, for each of your selected
three steps, which may occur if the action is completed incorrectly
or not at all.
Select one impact, from those you...
Shadee Corp. expects to sell 540 sun visors in May and 400 in June. Each visor...
Shadee Corp. expects to sell 540 sun visors in May and 400 in
June. Each visor sells for $23. Shadee’s beginning and ending
finished goods inventories for May are 65 and 55 units,
respectively. Ending finished goods inventory for June will be 65
units.
Each visor requires a total of $5.00 in direct materials that
includes an adjustable closure that the company purchases from a
supplier at a cost of $2.00 each. Shadee wants to have 29 closures
on hand...
On May 3, 2017, Sheffield Company consigned 80 freezers, costing $540 each, to Remmers Company. The...
On May 3, 2017, Sheffield Company consigned 80 freezers, costing
$540 each, to Remmers Company. The cost of shipping the freezers
amounted to $820 and was paid by Sheffield Company. On December 30,
2017, a report was received from the consignee, indicating that 40
freezers had been sold for $700 each. Remittance was made by the
consignee for the amount due after deducting a commission of 6%,
advertising of $180, and total installation costs of $350 on the
freezers sold....
Company A collected layaway payments from customers and reported revenue as the customers made each payment...
Company A collected layaway payments from customers and reported
revenue as the customers made each payment (as cash was received).
Company B recorded no revenue until the full purchase price had
been paid and the customer took possession of the merchandise.
Assume both companies had $50,000 owed by customers for layaways,
which was payable in equal monthly payments over a 8 month period
from September of Year 1 through April of Year 2 at a total of
$6,250 per month....
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- I cant not seem to get this right. I have tried and tried can I please...
- By using Java language, Complete the StackArray.java by using.stackArrayDemo.java. 1.Read the StackArrayDemo.java. 2. Use the demo...
- Regardless of the legal issues, do you feel it is fair for an employer to require...
- An investor believes that there will be a big jump in a stock price, but is...
- What experiences have you had with adaptation? Have you experienced culture shock and “return” culture shock?
- C language only please and please make a simple code Write a function that will find...
- Write a class DataSet that stores a number of values of type double in an array...
ADVERTISEMENT