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Question: 1. Steinberg Company sells annual subscriptions to its investment-advice magazine for €50. Suppose it sold 5,000 subscriptions in December, 2012, for magazines to be delivered quarterly in 2013. How would Steinberg Company show this on its December 31, 2012, balance sheet? How would it affect the company's 2012 income statement? How would it affect the income statement for the first 6 months of 2013?

2. Steinberg Company pays its salaried personnel monthly on the fifth day of the following month. That is, it pays January's salaries on February 5. The company's total salaries for 2012 were €240,000, spread evenly over the 12 months. How will this affect the December 31, 2012, balance sheet? When will the December salaries (which are paid on January 5) be charged as expenses on the income statement?

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Accounting Basics, Accounting

Category:- Accounting Basics
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