On March 1, Gonzalez Magazine Company receives annual subscriptions totaling $612,900. The first issue will be received by the subscriber one month after the money is received. Gonzalez Magazine Company's fiscal year ends December 31. Required: How much revenue would Gonzalez recognize from this amount for the current year?

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A: The advance payments that a business has received from clients for subscription services that have…

Q: Prepare the entry in November for the receipt of the subscriptions.

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Q: Swifty Corporation typically sells subscriptions on an annual basis, and publishes 8 times a year.…

A: Amount received from subscriptions  = 45,600*$12 Amount received from subscriptions  = $547,200

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A: MEANING OF UNEARNED REVENUE Unearned revenue is the amount received by the company for the services…

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Q: 00,000 d revenue from subscri

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Q: Keesha Company borrows $260,000 cash on November 1 of the current year by signing a 120-day, 11%,…

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A:

Q: Keesha Company borrows $280,000 cash on November 1 of the current year by signing a 150-day, 8%,…

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Q: thly issues, beginning in January 20Y6. In addition, the business had taxable income of $920,000…

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A:

Q: The Del Pilar Enterprises pays its weekly salary of P50, 400 for a 6-day work ending on Saturday.…

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.