On January 1, a company sold a subscription to its cloud computing service for $28,598. The subscription period is 3 years and the service will be provided evenly over the subscription period. The company's fiscal year ends on December 31. What is current portion of the liability associated with this transaction on December 31 of the first year of the subscription? Round your answer to the nearest whole dollar (i.e., no decimals).

On January 1, a company sold a subscription to its cloud computing service for $28,598. The subscription period is 3 years and the service will be provided evenly over the subscription period. The company's fiscal year ends on December 31. What is current portion of the liability associated with this transaction on December 31 of the first year of the subscription? Round your answer to the nearest whole dollar (i.e., no decimals).

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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