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Business, 22.02.2020 04:19 ElizabethF

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 $1,700,000 at December 31, year 1. Information for the year ended December 31, year 2, is as follows:
Cash receipts from subscribers $2,100,000
Magazine subscriptions revenue (credited at 12/31/42) 1,500,000
Required:
a. In its December 31, year 2 balance sheet, what amount should Weaver report as the balance for magazine subscriptions collected in advance?
O $1,400,000
O $2,100,000
O $2,300,000
O $1,900,000

ansver
Answers: 2

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Weaver Company sells magazine subscriptions for a 1-year, 2-year, or 3-year period. Cash receipts fr...

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