Tannin Bus Co. sold 8,000 tickets on 1/5/2020 at $20 each for four-month period from 1/5/2020 to 31/8/2020. Assuming that Tannin Co. prepares the financial statements on 31/7/2020, the unearned ticket revenue should be reported at: O a. $160,000 O b. $40,000 O c. $80,000 O d. $120,000

Tannin Bus Co. sold 8,000 tickets on 1/5/2020 at $20 each for four-month period from 1/5/2020 to 31/8/2020. Assuming that Tannin Co. prepares the financial statements on 31/7/2020, the unearned ticket revenue should be reported at: O a. $160,000 O b. $40,000 O c. $80,000 O d. $120,000

Cornerstones of Financial Accounting

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ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 8MCQ: Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the...

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Tannin Bus Co. sold 8,000 tickets on 1/5/2020 at $20 each for four-month period
from 1/5/2020 to 31/8/2020. Assuming that Tannin Co. prepares the financial
statements on 31/7/2020, the unearned ticket revenue should be reported at:
a. $160,000
O b. $40,000
O c. $80,000
O d. $120,000

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