Sales Less: Cancellation Sales, net of cancellations Year of expiration for subscriptions: 2020 240,000 2021 310,000 2022 250,000 2023 Total 800,000 2020 840,000 (40,000) 800,000 260,000 400,000 280,000 940,000 2021 1,000,000 (60,000) 940,000

Sales Less: Cancellation Sales, net of cancellations Year of expiration for subscriptions: 2020 240,000 2021 310,000 2022 250,000 2023 Total 800,000 2020 840,000 (40,000) 800,000 260,000 400,000 280,000 940,000 2021 1,000,000 (60,000) 940,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

APT Entertainment Company sells one and two-year memberships to the video-of-the-month service. Subscriptions are prepaid and credited to sales. An examination of sales data found the following (see image below).

On December 31, 2021, what amount should be reported as unearned subscription revenue?

Sales
Less: Cancellation
Sales, net of cancellations
Year of expiration for subscriptions:
2020
240,000
2021
310,000
2022
250,000
2023
Total
800,000
2020
840,000
(40,000)
800,000
260,000
400,000
280,000
940,000
2021
1,000,000
(60,000)
940,000

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