Kite Company sells magazine subscriptions of one to three-year periods. Cash receipts from subscribers are credited magazine subscriptions collected in advance, and this account had a balance of P2,400,000 at December 31, 2002 before year- end adjustment. Outstanding subscriptions at December 31, 2002 expire as follows: During 2003600,000 During 2004 900,000 During 2005400,000 In its December 31, 2002 balance sheet, what amount should Kite report as the balance for magazine subscriptions collected in advance? What amount should Kite report as magazine subscriptions revenue for the year ended December 31,2002?
Kite Company sells magazine subscriptions of one to three-year periods. Cash receipts from subscribers are credited magazine subscriptions collected in advance, and this account had a balance of P2,400,000 at December 31, 2002 before year- end adjustment. Outstanding subscriptions at December 31, 2002 expire as follows: During 2003600,000 During 2004 900,000 During 2005400,000 In its December 31, 2002 balance sheet, what amount should Kite report as the balance for magazine subscriptions collected in advance? What amount should Kite report as magazine subscriptions revenue for the year ended December 31,2002?
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
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
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![Kite Company sells magazine
subscriptions of one to three-year
periods. Cash receipts from
subscribers are credited magazine
subscriptions collected in
advance, and this account had a
balance of P2,400,000 at
December 31, 2002 before year-
end adjustment. Outstanding
subscriptions at December 31,
2002 expire as follows: During
2003600,000 During 2004
900,000 During 2005400,000 In
its December 31, 2002 balance
sheet, what amount should Kite
report as the balance for
magazine subscriptions collected
in advance? What amount should
Kite report as magazine
subscriptions revenue for the year
ended December 31,2002?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a79f5fd-2bdd-484b-9c0d-a83d48b55247%2F9222c153-06a1-4237-ad78-46881a263510%2Fx0ok4w4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Kite Company sells magazine
subscriptions of one to three-year
periods. Cash receipts from
subscribers are credited magazine
subscriptions collected in
advance, and this account had a
balance of P2,400,000 at
December 31, 2002 before year-
end adjustment. Outstanding
subscriptions at December 31,
2002 expire as follows: During
2003600,000 During 2004
900,000 During 2005400,000 In
its December 31, 2002 balance
sheet, what amount should Kite
report as the balance for
magazine subscriptions collected
in advance? What amount should
Kite report as magazine
subscriptions revenue for the year
ended December 31,2002?
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