Business, 06.05.2020 02:20 tiffany1711

In its 2021 annual report to shareholders, Ank-Morpork Times Inc. included the following disclosure:
Revenue Recognition
O Advertising revenue is recognized when advertisements are published, are broadcast, or when placed on the Company's websites, net of provisions for estimated rebates, credit and rate adjustments and discounts.
O Circulation revenue includes single copy and home-delivery subscription revenue. Single copy revenue is recognized based on date of publication, net of provisions for related returns. Proceeds from home-delivery subscriptions and related costs, principally agency commissions, are deferred at the time of sale and are recognized in earnings on a pro rata basis over the terms of the subscriptions.
O Other revenue is recognized when the related service or product has been delivered.
Also, the following information on its current liabilities was included in its comparative balance sheets:
CURRENT LIABILITIES 2021 2020
Commercial paper outstanding $152,300,000 $285, 251,000
Accounts payable $164,950,000 $168,552,000
Accrued payroll and other related liabilities $ 75,299,000 $120,983,000
Accrued expenses $154,867,000 $184,748,000
Accrued income taxes $219, 220,000 $ 9,792,000
Deferred subscription revenue $ 55, 706,000 $ 75,385,000
Current portion of long-term debt and lease obligations $ 2,474,000 $ 2,539,000
Total current liabilities $824,816,000 $847,250,000
Required:
1. Assuming that Ank-Morpork Times Inc. collected $434,000,000 in cash for home-delivery subscriptions during fiscal year 2021, what amount of revenue did it recognize during 2021 from this source? Show the relevant T-account information to support your answer.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 20:20

Atoy manufacturer makes its own wind-up motors, which are then put into its toys. while the toy manufacturing process is continuous, the motors are intermittent flow. data on the manufacture of the motors appears below.annual demand (d) = 50,000 units daily subassembly production rate = 1,000setup cost (s) = $85 per batch daily subassembly usage rate = 200carrying cost = $.20 per unit per year(a) to minimize cost, how large should each batch of subassemblies be? (b) approximately how many days are required to produce a batch? (c) how long is a complete cycle? (d) what is the average inventory for this problem? (e) what is the total annual inventory cost (holding plus setup) of the optimal behavior in this problem?

Answers: 2

Answer

Business, 22.06.2019 05:50

Match each of the terms below with an example that fits the term. a. fungibility the production of gasoline b. inelasticity the switch from coffee to tea c. non-excludability the provision of national defense d. substitution the demand for cigarettes

Answers: 2

Answer

Business, 22.06.2019 09:30

Cash flows during the first year of operations for the harman-kardon consulting company were as follows: cash collected from customers, $385,000; cash paid for rent, $49,000; cash paid to employees for services rendered during the year, $129,000; cash paid for utilities, $59,000. in addition, you determine that customers owed the company $69,000 at the end of the year and no bad debts were anticipated. also, the company owed the gas and electric company $2,900 at year-end, and the rent payment was for a two-year period.

Answers: 1

Answer

Business, 22.06.2019 11:40

In each of the following, what happens to the unemployment rate? does the unemployment rate give an accurate impression of what’s happening in the labor market? a.esther lost her job and begins looking for a new one.b.sam, a steelworker who has been out of work since his mill closed last year, becomes discouraged and gives up looking for work.c.dan, the sole earner in his family of 5, just lost his $90,000 job as a research scientist. immediately, he takes a part-time job at starbucks until he can find another job in his field.

Answers: 2

Answer

You know the right answer?

In its 2021 annual report to shareholders, Ank-Morpork Times Inc. included the following disclosure:...

Questions