Required information [The following information applies to the questions displayed below.] The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $460 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $224 million of services on these subscriptions in 2021, and (c) provided $236 million of services on these subscriptions in 2022.

Required information [The following information applies to the questions displayed below.] The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $460 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $224 million of services on these subscriptions in 2021, and (c) provided $236 million of services on these subscriptions in 2022.

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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