Reference no: EM132786928
Weaver Company sells magazine subscriptions for a 1-year, 2-year or 3-year period.
Cash receipts from subscribers are credited to magazine subscriptions collected in advance and this account had a balance of P1,700,000 on danuary 1, 2020.
The entity provided the following information for the year ended December 31, 2020:
Cash receipts from subscribers 2,100,000
Magazine subscriptions revenue
credited on December 31, 2020 1,500,000
Question 1: On December 31, 2020, what amount should be reported as the balance for magazine subscriptios collected in advance?
a. 1,900,000
b. 2,300,000
C. 1,400,000
d. 2,100,000
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