Question
In November and December 2021, Smith Co., a newly organized magazine publisher, received $150,000 for 1,000 three-year subscriptions at $50 per year, starting with the
In November and December 2021, Smith Co., a newly organized magazine publisher, received $150,000 for 1,000 three-year subscriptions at $50 per year, starting with the January 2022 issue. Smith included the entire $150,000 in its 2021 income tax return. What amount should Smith report in its 2021 income statement for subscriptions revenue?
Group of answer choices
$50,000
$8,333
$0
$150,000
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Financial Reporting and Analysis
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
6th edition
9780077632182, 78025672, 77632184, 978-0078025679
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