Improvements,a Home Improvement Magazine,collected $240,000 in Subscription Revenue on June

question 36

Multiple Choice

Improvements,a home improvement magazine,collected $240,000 in subscription revenue on June 30.Each subscriber will receive an issue of the magazine in each of the next 12 months,beginning with the July issue.The company uses the accrual method of accounting.What is the amount of Subscription Revenue that has been earned by the end of December? (Round any intermediate calculations to two decimal places,and your final answer to the nearest whole number.)

• A) $100,000
• B) $140,000
• C) $240,000
• D) $120,000

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Definitions:

Foreign Markets

Markets outside a company’s home country where it can engage in trade, including exporting, importing, and producing goods or services.

Licensing

A business arrangement where one party allows another to use its trademark, patent, copyright, or technology in exchange for a fee or royalty.

Legal Process

The procedures and activities involved in enforcing the law, including litigation, adjudication, and the application of legal principles in courts.

Intellectual Property

A category of property that includes intangible creations of the human intellect, such as inventions, literary and artistic works, designs, and symbols.