Question:XYZ Company publishes a monthly sports magazine. The company has fiscal year of Jan-Dec. On July 1 of Year 1, the company sold 1000 two-year subscriptions for $200 each. On December 31 of Year 1, the amount reported as a liability on the Balance Sheet and the amount reported as revenue on the Income Statement are, respectively:
A $0 and $200,000
B $50,000 and $150,000
C $100,000 and $100,000
D $150,000 and $50,000
+ AnswerD
+ Report
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