LMZ Computer Systems Inc

question 12

Essay

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:
Required:
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?

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Definitions:

Autobiographical Memory

A type of memory system consisting of episodes recollected from an individual's life, based on a combination of episodic (personal experiences and specific objects, people, and events experienced at particular time and place) and semantic (general knowledge and facts about the world) memory.

Adults

Individuals who have reached the age of maturity, typically characterized by fully developed physical growth and mental capabilities.

Recall

The mental process of retrieving information from the past, often without the aid of explicit cues.

Events

Occurrences or happenings that are significant in some way to the environment or individuals.