Yurman co sells major household appliance service contracts

Reference no: EM13585137

Yurman Co. sells major household appliance service contracts for cash. The service contracts are for a 1-year, 2-year, or 3-year period. Cash receipts from contracts are credited to unearned service contract revenues. This account had a balance of $720,000 at December 31, 2013 before year-end adjustment. Service contract costs are charged as incurred to the service contract expense account, which had a balance of $180,000 at December 31, 2013. Outstanding service contracts at December 31, 2009 expire as follows:

During 2014: $150,000

During 2015 :$240,000

During 2016: $105,000

What amount should be reported as unearned service contract revenues in Felton's December 31, 20013 balance sheet?

Reference no: EM13585137

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