Question: The TJ Company collects all service revenue in advance The
The TJ Company collects all service revenue in advance. The company showed a $12,500 liability on its December 31, 2011, balance sheet for unearned service revenue. During 2012, customers paid $50,000 for future services, and the income statement for the year ended December 31, 2012, reported service revenue of $52,700. What amount for the liability unearned service revenue will appear on the balance sheet at December 31, 2012?
Answer to relevant QuestionsSojourn Company purchased equipment on November 1, 2010, and gave a three-month, 9% note with a face value of $20,000. On maturity, January 31, 2011, the note plus interest will be paid to the bank. Fill in the blanks in the ...Maximus Dog Company purchased a new supply van on January 1, 2011, for $35,000. The van is estimated to last for five years and will then be sold, at which time it should be worth approximately $5,000. The company uses ...Analyze the following accounting equation worksheet for Starwood Yacht Repair Corporation and explain the transaction or event that resulted in eachentry.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 ...Analyze the transactions for Information Resource Services, Inc., that appear in the worksheet on the following page and explain the transaction or event that resulted in eachentry.
Post your question