User Account

All Pages

What amount should be reported as unearned service contract

Assignment Help Accounting Basics
Reference no: EM132760647

Question - Georgia Company sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, and three-year period. Cash receipts from contracts are credited to Unearned Service Contract Revenue. This account had a balance of P720,000 at December 31, 2020 before year-end adjustment. Service contract costs are charged as incurred to the Service Contract Expense account which had a balance of P180,000 at December 31, 2020. Outstanding service contracts at December 31, 2020 expire as follows:

During 2020 P395,000

During 2021 225,000

During 2022 100,000

Required - What amount should be reported as Unearned Service Contract Revenue in the company's December 31, 2020 Statement of Financial Position?

Reference no: EM132760647

Questions Cloud

How many species of living things : How many species of living things have currently been identified
How much would it have reported for its cost of goods sold : If Harvest Group had used FIFO instead of LIFO, how much would it have reported for its COST OF GOODS SOLD in fiscal 2019
Describe the process of security investigation : Describe the process of a security investigation and how it might differ from other types of investigations.
What value is obtained by adding inspiratory reserve volume : What value is obtained by adding inspiratory reserve volume, tidal volume, and expiratory reserve volume?
What amount should be reported as unearned service contract : What amount should be reported as Unearned Service Contract Revenue in the company's December 31, 2020 Statement of Financial Position
Essential skills of project manager : What do you think are the essential skills of a project manager? Explain why and how each skill is useful in fulfilling a project manager's responsibilities.
What point should rabbit recognize commission revenue : At what point should Rabbit recognize commission revenue from this arrangement? Bunny Company consigns a portion of its inventory to Rabbit Industries
What is the function of the larynx in respiration : What is the function of the larynx in respiration?
Discuss the income tax implications for James : The Victorian club paid $20,000 to release James from his present contract. Discuss the income tax implications for James ignoring any CGT issues

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd