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Archy [21]
3 years ago
14

Healthy​ Living, a diet​ magazine, collected $ 240,000 in subscription revenue on June 30. Each subscriber will receive an issue

of the magazine in each of the next 12​ months, beginning with the July issue. The company uses the accrual method of accounting. What is the amount of Subscription Revenue that has been earned by the end of​ December? (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest whole​ number.)
Business
1 answer:
PilotLPTM [1.2K]3 years ago
4 0

Answer: $120,000

Explanation:

Given that,

On June 30,

Subscription revenue collected = $240,000

Each subscriber will receive = magazine in each of the next 12​ months

No. of months from July to December = 6

Here, company is using accrual method of accounting,

Amount of Subscription Revenue that has been earned by the end of December:

=\frac{Subscription\ Revenue}{12}\times No. of months

=\frac{240,000}{12}\times6

= $120,000

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