In November and December 2012, a magazine publisher firm received 2,700,000 for 500 three-year subscriptions at 1,800 per year. The first issue of the magazine will be released in January 2013. How much should the firm report in its 2013 income statement for subscription revenue?
Q: Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the…
A: workings: Given values: Telephone sellers sells $ 4000 of prepaid cards in January 2017.
Q: On April 1, Griffith Publishing company received $3,348 from Santa Fe, Inc for 36-month…
A: The question is based on the concept of Financial Accounting.
Q: During the last week of August, Apache Arts Company’s owner approaches the bank for an $80,000 loan…
A: Cash Budget: Estimation of cash inflows and cash out flows over a specified period of time. cash…
Q: In January 2014, Victor, Inc. paid property taxes on its factory building for the calendar year 2014…
A: As per Matching Principal we have to match the revenues of a paticulars…
Q: Melrose Milk Delivery provides weekly gourmet milk delivery to the residents of Nicetown. Melrose…
A: When money is received in advance from the customer for the services to be provided in the future,…
Q: Amal Perfume company books of account showed that the capital employed on 1-1-2020 was OMR 150,000…
A: Total profit for 5 years = Profit for year 1 + profit for year 2 + profit for year 3 + profit for…
Q: The Harrison Bicycle Company had the following operating results for 2021-2022. In addition, the…
A: Cash flow statement is very important as it gives company a clear picture about its cash…
Q: Three programmers at Feenix Computer Storage, Inc., write an operating systems control manual for…
A:
Q: Suppose a company paid $15,000 for supplies during the year and you determine that there were $2,000…
A: Calculation: Supplies expense = Beginning of the year supplies + Supplies during the year - Ending…
Q: for the month of january, organic food had a revenue of p500,000, variable expenses of p400,000, and…
A: Variable expenses is cost which vary with level of output where as fixed cost remains same…
Q: On January 1. Choco Co. received and paid a P10,000 bill for advertising done in December of last…
A: Total expenses for the month of January = utilities used for January + Amount paid to employees for…
Q: Sheridan Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine…
A: From November to December = 1 month So till December 31, 2020; a subscription has been earned for 1…
Q: E10-7 Valenti Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to…
A: Unearned subscription Revenue: Unearned subscription Revenue means money received from the customer…
Q: A firm purchased $35,000 in office furniture this year. The firm has $150,000 in earnings before…
A: ●a. For office furniture and fixtures, 7 year MACRS depreciation schedule should be used…
Q: For the month of January, Organic Foods had a revenue of P500,000, variable expenses of P400,000,…
A: Desired Sales to earn Desired Profit = Fixed Cost + Desired ProfitP/V Ratio PV Ratio:…
Q: During its first month of operations, Huxley Corporation provided $11,44O of services to it…
A: Revenue indicates the income earned by the corporation in consideration of the product sold or…
Q: Wexler, Inc.’s income statement showed total expenses for the year to be $50,000. If the com-pany’s…
A: Net income: It refers to the excess of a company's sales revenue over its operating expenses and…
Q: balance of 600
A: Given information : Cash balance 500000 Cash collections 2170000 Cash disbursements 2430000…
Q: Mohammed LLC is a growing consulting firm. The following transactions take place during the current…
A: Journal Entries:
Q: An analyst has projected that a company will have assets of €2,000 at year-end and liabilities of…
A: Introduction: Usually, the financial interest of owners investing in the company is called as…
Q: On April 1, Griffith Publishing Company received $3,258 from Santa Fe, Inc. for 36-month…
A: As per the accrual base system, Revenue should be recognized only for that period, for which…
Q: Office chairs and tables were purchased from a furniture shop amounting to Php350,000 on December 1,…
A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…
Q: Gidi professional institute is constructing a tuition center at Aboabo that will take about 18…
A: The borrowing cost to acquire or construct a long-term asset referred to as capitalization of…
Q: Three programmers at Feenix Computer Storage, Inc., write an operating systems control manual…
A:
Q: M/s. XYZ Private Limited has a cash balance of PKR 20,000 at the ending of the February and the…
A: The details regarding cash budget is given Required. Prepare Cash Budget for March, April and May.…
Q: The t/p bill for this month was 200, the company will pay it next month what is the journal entry…
A: The business transactions are recorded in the form of journal entries and when the transactions take…
Q: If $120,000 is collected in advance on October 1 for 6-month magazine subscriptions, the amount of…
A: Revenue earned is the amount of revenue that has actually been earned by providing the related…
Q: XYZ Company purchased $7,000 of newspaper advertising and agreed to pay the newspaper in 30 days.…
A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…
Q: January 2011 issue. Lane included the entire $90,000 in its 2010 income statement. What received…
A: Solution: Revenue is recognized as and when they are earned not when cash is received. They are…
Q: Selected transactions of TV Land Company are presented below. 1. A television set costing $540…
A: Accounts receivables are those receivables which the company has not received yet but the goods has…
Q: Carmel of Fargo, North Dakota, publishes a monthly magazine featuring local restaurant reviews and…
A: Unearned Subscription Revenue: Unearned Subscription Revenue means money received from the customer…
Q: IP Company pays for purchases of materials in full in the month following the purchase. During the…
A: Definition: Following month means next month. Example Goods bought on January month and payment on…
Q: During 2020, Rumbo Corporation had cash and credit sales of $21,760 and $15,225, respectively. The…
A: Net Income (Loss) = Total Sales - Operating Expenses Note: Since Accrual basis of accounting is…
Q: Projector Limited has the following projection for the 4 months ending August 2018: May June July…
A: A cash budget is a plan to identify the inflows and outflows of cash in an organization. It helps…
Q: Dream Big Pillow Co., pays 65% of its purchases in the month of purchase, 30% the month after the…
A: Introduction:- 65% of the purchase is paid in the month of purchase, 30% in the month after…
Q: Muntinlupa Co. reported the following events to its bookkeeper covering the month of April 2021: T1:…
A: The transactional event is recorded in the books of the company. We will check here whether the…
Q: Dream Big Pillow Co., pays 65% of its purchases in the month of purchase, 30% the month after the…
A: Payment in quarter 1 Jan Feb Mar Month of purchase 33,000 x 65% = 21,450 39,000 x 65% = 25,350…
Q: Depreciation, insurance, and property taxes represent $33,000 of the estimated monthly expenses. The…
A: Cash budget means expected cash receipts and expected cash payment with opening and closing cash…
Q: On December 1, a company borrowed Php 100,000.00 at 12% per year. The interest will be paid…
A: Although the first interest payment will happen in the next fiscal year, the company will have to…
Q: Volbeat Corp. shows the following information on its 2015 income statement: sales = $255,000; costs…
A: Given that: sales = $255,000 costs = $156,000 other expenses = $7,900 depreciation expense = $15,600…
Q: The Harrison Bicycle Company had the following operating results for 2021-2022. In addition, the…
A: The value of equity is determined by deducting total liabilities from the total assets. The…
Q: At the beginning of the year, ABC's Accounts Payable balance was $75,000. During the year ABC paid…
A: Total Payment Made for Purchases = Opening Accounts Payable +Purchases made during the year -Closing…
In November and December 2012, a magazine publisher firm received 2,700,000 for 500 three-year subscriptions at 1,800 per year. The first issue of the magazine will be released in January 2013. How much should the firm report in its 2013 income statement for subscription revenue?
Step by step
Solved in 3 steps
- Mohammed LLC is a growing consulting firm. The following transactions take place during the current year. A. On June 10, Mohammed borrows $270,000 from a bank to cover the initial cost of expansion. Terms of the loan are payment due in four months from June 10, and annual interest rate of 5%. B. On July 9, Mohammed borrows an additional $100,000 with payment due in four months from July 9, and an annual interest rate of 12%. C. Mohammed pays their accounts in full on October 10 for the June 10 loan, and on November 9 for the July 9 loan. Record the journal entries to recognize the initial borrowings, and the two payments for Mohammed.This year, a business bought $10,000,000 worth of products from its suppliers. Its accounts payable balance shown on the balance sheet is $1,000,000. During the following year, the company expects to buy $12,000,000 worth of products from its suppliers and estimate its accounts payable to increase by $300,000. This year's average payment period is ______.During 2020, Reliable Corporation had cash and credit sales of $21,760 and $15,225, respectively. The company also collected accounts receivable of $9,765 and incurred operating expenses of $27,700, 80% of which were paid during the year. In addition, Reliable prepaid $4,500 for an 18 month advertising campaign that began September 30. Reliable’s accrual basis net income (loss) for the year ending December 31, 2020 was: Group of answer choices A. $8,535 B. $14,075 C. ( $775) D. $9,285
- At the beginning of the year, ABC's Accounts Payable balance was $75,000. During the year ABC paid its suppliers $9,710,000 and at the end of the year the firm's Accounts Payable balance owed was $165,000. How much did ABC purchase on credit over the course of the year?During 2020, Best Corporation had cash and credit sales of $36,420 and $18,560, respectively. The company also collected accounts receivable of $10,350 and incurred operating expenses of $39,600, 80% of which were paid during the year. In addition, Best prepaid $4,500 for an 18 month advertising campaign that began September 30. Best Company's accrual basis net income (loss) for the year ending December 31, 2020 was: Group of answer choices A. $8,535 B. $240 C. $14,630 D. $18,800For the month ended January 31, 2022, Laker Bakery reported $90,000 of sales revenue and $60,000 of total expenses. The company paid a $10,000 dividend during January 2022. Assuming January 2022 was the new company's first month of operations, what was the balance of Laker Bakery's cash account at January 31, 2022?
- Mohammed LLC is a growing consulting firm. The following transactions take place during the current year. A. On June 10, Mohammed borrows $300,000 from a bank to cover the initial cost of expansion. Terms of the loan are payment due in four months from June 10, and annual interest rate of 6%. B. On July 9, Mohammed borrows an additional $120,000 with payment due in four months from July 9, and an annual interest rate of 10%. C. Mohammed pays their accounts in full on October 10 for the June 10 loan, and on November 9 for the July 9 loan. Record the journal entries to recognize the initial borrowings, and the two payments for Mohammed. If an amount box does not require an entry, leave it blank. Round intermediate calculation and final answers to the nearest whole dollar. June 10 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 July 9 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 Oct. 10 fill…During 2018, Evensen Network, Inc., which designs network servers, earned revenues of $900 million. Expenses totaled $580 million. Evensen collected all but $29 million of the revenues and paid $590 million on its expenses. Read the requirements LOADING... . Requirement a. Under accrual accounting, what amount of revenue should Evensen report for 2018? How does the revenue principle help to answer this question? The amount of revenue that should be reported for the year is $ 900 million. How does the revenue principle help to answer this question? The revenue principle says to record revenue when it has been (collected, earned, recorded), regardless of when (cash is collected, revenue is earned, sold inventory is delivered).Therefore, the amount of revenue reported is what Evensen (collected, earned ,paid). ()= blank. inside are the word choicesA firm purchased $35,000 in office furniture this year. The firm has $150,000 in earnings before depreciation and taxes each year, and the tax obligation is $55,000 each year. a) According to the lecture, what MACRS schedule should be used? b) Using the half-year convention, over how many years will the furniture be depreciated? c) What is the difference between the accounting flows and the cash flows for the first year? d) What is the difference between the accounting flows and the cash flows for the second year?
- Vilo Company has estimated that total depreciation expense for 2014 will amount to P600,000 and that 2014 year-end bonuses to employees will total P1,200,000. In the interim income statement for the six months ended June 30, 2014, what total amount of expenses should be reported?eon Jung Kook Corp. is preparing its year-end financial statements and has identified the following operating segments and their external revenues and intersegment revenues, respectively:· Begin- P4,800,000; P2,400,000· Euphoria- P1,600,000; P400,000· Decalcomania- P1,500,000; P0· My Time- P800,000; P0· Still with You- P600,000; P0· Paper Hearts- P400,000; P0Which of the following are reportable segments based on revenue test?Amal Perfume company books of account showed that the capital employed on 1-1-2020 was OMR 150,000 and the profits for the last five years were as follows: Year 2015 OMR 10,000, Year 2016 OMR 20,000, Year 2017 OMR 10,000, Year 2018 OMR 25,000 and Year 2019 OMR 15,000. You are required to find out Total Profit for five years a. None of the options are correct b. OMR 16,000 C OMR 7.500 d. OMR 80,000