On April 1, 2013, Guyton Sails accepted a $12,000 advance payment for maintaining a customer’s fleet...
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On April 1, 2013, Guyton Sails accepted a $12,000 advance payment for maintaining a customer’s fleet of sail boats. The contract is for a twelve month period. What is the remaining liability that would appear on the company’s balance sheet at the end of May?
$10,000
$1,200
$12,000
$10,800
Homework Answers
Answer:
Correct answer is:
$10,000
Explanation:
Earned revenue each month = 12000 / 12 = $1,000
Earned till May end (for April and May) = 1000 * 2 = $2,000
Remaining liability at the end of May = 12000 - 2000 = $10,000
Hence option A is correct and other options B, C and D are incorrect.
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