LMZ Computer Systems Inc.maintains office equipment under contract.The contracts are for labour only; customers must reimburse LMZ for parts.LMZ's rate schedule follows:
LMZ's 2018 sales of maintenance agreements is set out below:
Requirements:
Assuming that sales occurred evenly through the year:
a.What amount of revenue will LMZ recognize for the year ended December 31,2018?
b.What amount of deferred revenue will LMZ report as a current liability on December 31,2018?
c.What amount of deferred revenue will LMZ report as a non-current liability on December 31,2018?
Definitions:
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