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 Topic: doubt ( Topic Closed)
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aimtobeacpa
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Joined: 10 Dec 2009
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Posts: 657
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| Posted: 31 Oct 2010 at 14:12 | IP Logged
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Winn Co. sells subscriptions to a specialized directory that is published semiannually and shipped to
subscribers on April 15 and October 15. Subscriptions received after the March 31 and September 30
cutoff dates are held for the next publication. Cash from subscribers is received evenly during the year
and is credited to deferred subscription revenue. Data relating to 1990 are as follows:
Deferred subscription revenue, 1/1/90 $ 750,000
Cash receipts from subscribers 3,600,000
In its December 31, 1990, balance sheet, Winn should report deferred subscription revenue of:
a. $2,700,000
b. $1,800,000
c. $1,650,000
d. $900,000
plz someone can solve this?
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ccaml
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| Posted: 31 Oct 2010 at 22:08 | IP Logged
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Cash from subscribers is received evenly during the year: 3,600,000/12=300,000/month
cash received after Sept 30 (Oct-Dec)is deferred revenue: 300,000*3 =900,000
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aimtobeacpa
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| Posted: 01 Nov 2010 at 00:06 | IP Logged
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thanks:)
__________________
BEC-74,82(lost credit),78
FAR-67,80
AUD-75
REG-68,72,79
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