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D) How much revenue should SPC record from CA for the year 2022? $ E) How much would SPC show as unearned revenue as of_Dec, 31 2022? If none write 0. $ F) How much would SPC show as accounts receivable as of

D) How much revenue should SPC record from CA for the year 2022? $ E) How much would SPC show as unearned revenue as of_Dec, 31 2022? If none write 0. $ F) How much would SPC show as accounts receivable as of

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can you help with D, E, and F
**Ongoing Service Contract** Service Provider Company (SPC) and Customer A (CA) have recently begun doing business together on a 48-month contract. The contract can be ended if either party is unsatisfied, as long as the parties are equal in terms of cash payments and services provided. Both companies follow GAAP and have a December 31 year-end. Review the following activity in 2021 and 2022. Show your work on the PDF Upload. T accounts would be appropriate.
Transcribed Image Text:**Ongoing Service Contract** Service Provider Company (SPC) and Customer A (CA) have recently begun doing business together on a 48-month contract. The contract can be ended if either party is unsatisfied, as long as the parties are equal in terms of cash payments and services provided. Both companies follow GAAP and have a December 31 year-end. Review the following activity in 2021 and 2022. Show your work on the PDF Upload. T accounts would be appropriate.
**Financial Accounting Exercise: Revenue Recognition and Accounts Presentation** **2021:** A) How much revenue should SPC record from CA for the 2021? $ _______ B) How much would SPC show as *unearned revenue* as of Dec 31, 2021? If none, write 0. $ _______ C) How much would SPC show as *accounts receivable* as of Dec 31, 2021? If none, write 0. $ _______ **2022:** - The agreement and services continue in 2022. A second cash payment is made by CA to SPC on **June 1, 2022 for $12,000**. D) How much revenue should SPC record from CA for the year 2022? $ _______ E) How much would SPC show as *unearned revenue* as of Dec 31, 2022? If none, write 0. $ _______ F) How much would SPC show as *accounts receivable* as of Dec 31, 2022? If none, write 0. $ _______
Transcribed Image Text:**Financial Accounting Exercise: Revenue Recognition and Accounts Presentation** **2021:** A) How much revenue should SPC record from CA for the 2021? $ _______ B) How much would SPC show as *unearned revenue* as of Dec 31, 2021? If none, write 0. $ _______ C) How much would SPC show as *accounts receivable* as of Dec 31, 2021? If none, write 0. $ _______ **2022:** - The agreement and services continue in 2022. A second cash payment is made by CA to SPC on **June 1, 2022 for $12,000**. D) How much revenue should SPC record from CA for the year 2022? $ _______ E) How much would SPC show as *unearned revenue* as of Dec 31, 2022? If none, write 0. $ _______ F) How much would SPC show as *accounts receivable* as of Dec 31, 2022? If none, write 0. $ _______
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