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    Problem 1-22 (AICPA Adapted) : Hart Company Sells Subscriptions To A Specialized Directory That Is Published Semi-Annually

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    maryani
    Hart Company publishes a directory semi-annually on April 15 and October 15. Subscriptions received after March 31 and September 30 are deferred to the next publication. Cash from subscriptions is received evenly over the year and credited to deferred revenue. On January 1, deferred revenue was $1,500,000 and $7,200,000 cash was received over the year. The amount of deferred revenue on December 31 is $3,300,000. Weaver Company sells magazine subscriptions for 1, 2, or 3 years. On January 1, subscriptions collected in advance was $1,700,000. Cash receipts were $2,100,000 and $1,500,000 of revenue was credited. The

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    Problem 1-22 (AICPA Adapted) : Hart Company Sells Subscriptions To A Specialized Directory That Is Published Semi-Annually

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    maryani
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    Hart Company publishes a directory semi-annually on April 15 and October 15. Subscriptions received after March 31 and September 30 are deferred to the next publication. Cash from subscriptions is received evenly over the year and credited to deferred revenue. On January 1, deferred revenue was $1,500,000 and $7,200,000 cash was received over the year. The amount of deferred revenue on December 31 is $3,300,000. Weaver Company sells magazine subscriptions for 1, 2, or 3 years. On January 1, subscriptions collected in advance was $1,700,000. Cash receipts were $2,100,000 and $1,500,000 of revenue was credited. The

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    ia2 prob 1-22 & 23

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    ia2 prob 1-22 & 23

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    Hart Company publishes a directory semi-annually on April 15 and October 15. Subscriptions received after March 31 and September 30 are deferred to the next publication. Cash from subscriptions is received evenly over the year and credited to deferred revenue. On January 1, deferred revenue was $1,500,000 and $7,200,000 cash was received over the year. The amount of deferred revenue on December 31 is $3,300,000. Weaver Company sells magazine subscriptions for 1, 2, or 3 years. On January 1, subscriptions collected in advance was $1,700,000. Cash receipts were $2,100,000 and $1,500,000 of revenue was credited. The

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    1K views1 page

    Problem 1-22 (AICPA Adapted) : Hart Company Sells Subscriptions To A Specialized Directory That Is Published Semi-Annually

    Uploaded by

    maryani
    Hart Company publishes a directory semi-annually on April 15 and October 15. Subscriptions received after March 31 and September 30 are deferred to the next publication. Cash from subscriptions is received evenly over the year and credited to deferred revenue. On January 1, deferred revenue was $1,500,000 and $7,200,000 cash was received over the year. The amount of deferred revenue on December 31 is $3,300,000. Weaver Company sells magazine subscriptions for 1, 2, or 3 years. On January 1, subscriptions collected in advance was $1,700,000. Cash receipts were $2,100,000 and $1,500,000 of revenue was credited. The

    Copyright:

    © All Rights Reserved
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    Download as docx, pdf, or txt
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    Problem 1-22 (AICPA Adapted)

    Hart Company sells subscriptions to a specialized directory that is published semi-annually


    and shipped to subscribe on April 15 and October 15.

    Subscriptions received after the March 31 and September 30 cut-off dates are held for the
    next publication.

    Cash from subscribers is received evenly during the year and is credited to deferred
    revenue from subscriptions
    Deferred revenue from subscriptions - January 1 1,500,000
    Cash receipts from subscribers during the current year 7,200,000

    What amount should be reported as deferred revenue from subscription on December 31?
    a. 1,800,000 b. 3,300,000 c. 3,600,000 d. 5,400,000

    Problem 1-23 (AICPA Adapted)

    Weaver Company sells magazine subscriptions for a 1-year, 2-year or 3-year period.

    Cash receipts from subscribers are credited to magazine subscriptions collected in


    advance and this account had a balance of P1,700,000 on January 1, 2020.
    The entity provided the following information for the year ended December 31, 2020:

    Cash receipts from subscribers 2,100,000


    Magazine subscriptions revenue credited on December 31, 2020 1,500,000
    On December 31, 2020, what amount should be reported as the balance for magazine
    subscriptions collected in advance?
    a. 1,900,000 b. 2,300,000 c. 1,400,000 d. 2,100,000

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