Question
In November and December 2020, Coronado Industries, a newly organized magazine publisher, received $81000 for 1,000 three-year subscriptions at $23 per year, starting with the
In November and December 2020, Coronado Industries, a newly organized magazine publisher, received $81000 for 1,000 three-year subscriptions at $23 per year, starting with the January 2021 issue. Coronado included the entire $81000 in its 2020 income tax return. What amount should Coronado report in its 2020 income statement for subscriptions revenue?
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Financial Accounting in an Economic Context
Authors: Jamie Pratt
10th edition
978-1-119-3061, 1119306167, 978-1119444367
