On January 1, a company sold a subscription to its cloud computing service for $28,598. The subscription period is 3 years and the service will be provided evenly over the subscription period. The company's fiscal year ends on December 31. What is current portion of the liability associated with this transaction on December 31 of the first year of the subscription? Round your answer to the nearest whole dollar (i.e., no decimals).

On January 1, a company sold a subscription to its cloud computing service for $28,598. The subscription period is 3 years and the service will be provided evenly over the subscription period. The company's fiscal year ends on December 31. What is current portion of the liability associated with this transaction on December 31 of the first year of the subscription? Round your answer to the nearest whole dollar (i.e., no decimals).

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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