Kite Company sells magazine subscriptions of one to three-year periods. Cash receipts from subscribers are credited magazine subscriptions collected in advance, and this account had a balance of P2,400,000 at December 31, 2002 before year-end adjustment. Outstanding subscriptions at December 31, 2002 expire as follows: During 2003 600,000 During 2004 900,000 During 2005 400,000 What amount should Kite report as magazine subscriptions revenue for the year ended December 31,2002?
Kite Company sells magazine subscriptions of one to three-year periods. Cash receipts from subscribers are credited magazine subscriptions collected in advance, and this account had a balance of P2,400,000 at December 31, 2002 before year-end adjustment. Outstanding subscriptions at December 31, 2002 expire as follows: During 2003 600,000 During 2004 900,000 During 2005 400,000 What amount should Kite report as magazine subscriptions revenue for the year ended December 31,2002?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 5RE: Garcia Company rents out a portion of its building to Jerry Company for 1,000 per month. On August...
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Kite Company sells magazine subscriptions of one to three-year periods. Cash receipts from
subscribers are credited magazine subscriptions collected in advance, and this account had
a balance of P2,400,000 at December 31, 2002 before year-end adjustment. Outstanding
subscriptions at December 31, 2002 expire as follows:
During 2003 600,000
During 2004 900,000
During 2005 400,000
What amount should Kite report as magazine subscriptions revenue for the year ended December 31,2002?
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