Attached is my completed excel sheet with the answers & an APA 7 template (on the answers tab. (please feel free to double check my work))
For this assignment, after reading the required material, you are going to determine what will be booked as revenue on the income statement and what will be booked on the balance sheet for a subscription-based company.
Working with the attached Excel Worksheet, you are to:
- Calculate what the revenue would be on the Income Statement for Jan – March
- Calculate what the deferred revenue would be on the Balance Sheet for Jan – March
In the scenario, you sell subscriptions and in January, you sell 5,000 subscriptions. In February, you sell an additional 5,000 subscriptions and in March, you sell another 5,000 subscriptions. Therefore, when working with revenue recognition, you must make sure to account for the new customers each month plus the recognition of revenue from the previous months.
Once you have filled out the Excel Worksheet, you are to prepare an APA formatted paper and include:
- Introduction
- Provide the results of the work you did in the Excel worksheet in the Word document AND attach the Excel file
- Explain what happens to revenue and deferred revenue as the months’ progress
- Explain when revenue can be recognized and why
- Conclusion
The paper should be in APA 7.0 Professional format and include at least two references (these DO NOT have to be scholarly, peer-reviewed). The 3 – 5 pages DOES NOT include the title page and reference page.
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