ABC Company sells subscriptions to a specialized directory, which is issued semi-annually and distributed to subscribers on April 15 and October 15. Subscriptions acquired after March 31 and September 30 deadlines are kept for the following issue. Cash from subscribers is received evenly through the year and is credited to deferred subscription revenues. The following data are for 2021: Deferred revenue from subscriptions, 12/31/20 - P3 million; Cash receipts from subscribers - P14.4 million In its December 31, 2021 balance sheet, how much should ABC Company report as deferred revenues from subscriptions?
ABC Company sells subscriptions to a specialized directory, which is issued semi-annually and distributed to subscribers on April 15 and October 15. Subscriptions acquired after March 31 and September 30 deadlines are kept for the following issue. Cash from subscribers is received evenly through the year and is credited to deferred subscription revenues. The following data are for 2021: Deferred revenue from subscriptions, 12/31/20 - P3 million; Cash receipts from subscribers - P14.4 million In its December 31, 2021 balance sheet, how much should ABC Company report as deferred revenues from subscriptions?
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
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
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ABC Company sells subscriptions to a specialized directory, which is issued semi-annually and distributed to subscribers on April 15 and October 15. Subscriptions acquired after March 31 and September 30 deadlines are kept for the following issue. Cash from subscribers is received evenly through the year and is credited to deferred subscription revenues. The following data are for 2021:
Deferred revenue from subscriptions, 12/31/20 - P3 million;
Cash receipts from subscribers - P14.4 million
In its December 31, 2021 balance sheet , how much should ABC Company report as deferred revenues from subscriptions?
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