Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 7.00

Effect of unearned revenue

Effect of unearned revenue on financial statements

Jordan Michael started a personal financial planning business when she accepted $80,000 cash as advance payment for managing the financial assets of a large estate. Michael agreed to manage the estate for a one-year period, beginning April 1, 2009.

Required

a. Show the effects of the advance payment and revenue recognition on the 2009 financial statements using a horizontal statements model like the following one. In the Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Use NA if the account is not affected.

 

Assets

=

Liab.

+

Stockholders’ Equity

Rev.

-

Exp.

=

Net Inc.

Cash Flows

Event
No.

                      
 

Cash

=

Unearn. Rev.

+

Ret. Earn.

            

b. How much revenue would Jordan recognize on the 2010 income statement?

c. What is the amount of cash flow from operating activities in 2010

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 09:07 PM My Price 7.00

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