In April 2010 Crummies, Inc., a newly organized style magazine, received $27,000 for 750 two-year (24-month) subscriptions to the new publication. The first issue will be delivered in August 2010. Fill in the following chart for each of the given years to show the amount of revenue to be recognized on the income statement and the related liability reported on the balance sheet. Crummies’ fiscal year end is May31.
Answer to relevant QuestionsAll Natural Medicine Corporation paid $2,178 on August 1, 2009, for an 18-month insurance policy beginning on that date. The company recorded the entire amount as prepaid insurance. By using the following chart, calculate ...On February 1, 2010, Breeder’s Choice Pet Trainers, Inc., was formed when the owners invested $25,626 cash in the business in exchange for common stock. On March 1, 2010, the company paid $22,212 cash to rent office space ...The records of Poorman’s, Inc., revealed the following recorded amounts at December 31, 2009, before adjustments:Prepaid insurance ........... $ 2,700Cleaning supplies ........... 3,200Unearned service fees .......... ...The following is a list of accounts and their balances for Casa Bella Interiors at May 31 before adjustments and some additional data for the fiscal year ended May 31, 2010.Casa Bella InteriorsAccounts and balancesMay 31, ...Following are transactions for Security Company for 2010:a. The owners started the business as a corporation by contributing $50,000 cash in exchange for common stock.b. Security Company purchased office equipment for $5,000 ...
Post your question