Magic,Inccollected $12,000 in October 2011 from Customers in Exchange for 12-Month

question 99

Multiple Choice

Magic,Inc.collected $12,000 in October 2011 from customers in exchange for 12-month subscriptions to its monthly magazine Magic Times.The October issue was the first issue of the subscription.How much revenue should the company report on its income statement for the year ended December 31,2011?

• A)$3,000
• B)$6,000
• C)$12,000
• D)No revenue will be recognized until all the magazines are delivered.

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Definitions:

Psychological Loneliness

A state of mind characterized by a significant discrepancy between desired and actual social relationships, leading to feelings of isolation.

Intrapersonal Loneliness

A state of feeling alone and isolated due to a lack of close or meaningful personal relationships.

Interpersonal Loneliness

A feeling of isolation or lack of connection experienced at the level of personal interactions and relationships.

Intimate Relationships

Deeply personal connections between individuals characterized by emotional closeness, love, trust, and mutual support.