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loris [4]
3 years ago
11

Felton 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 $480,000 at December 31, 2009 before year-end adjustment. Service contract costs are charged as incurred to the service contract expense account, which had a balance of $120,000 at December 31, 2009. Outstanding service contracts at December 31, 2009 expire as follows:
During 2010 During 2011 During 2012
$100,000 $160,000 $70,000
What amount should be reported as unearned service contract revenues in Felton's December 31, 2009 balance sheet?
Business
1 answer:
tia_tia [17]3 years ago
7 0

Answer:

Unearned Service Contracts Revenue = $330,000

Explanation:

Unearned Service Contracts Revenue refers to the expected revenue from a contracts been carried and has yet been paid.

Unearned Service Contracts Revenue for 2010 = $100,000, for 2011 = $160,000 and for 2012 = $70,000

Unearned Service Contracts Revenue = $100,000 + $160,000 + $70,000

Unearned Service Contracts Revenue = $330,000

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Answer:

Instructions are below.

Explanation:

Giving the following information:

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June= 13,600 - 15,000= -1,400

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B) Cash Required:

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Purchase from the month before

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<u>July:</u>

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