Cosmos Computer Consulting (CCC) Is Preparing Their Year-End Financial Statements

Multiple Choice

Cosmos Computer Consulting (CCC) is preparing their year-end financial statements.They completed two projects in the last month: one worth $12,000 that has been billed to the customer but has not yet been paid, and one worth $18,000 that they have not yet been invoiced to the customer.In the case of the second contract CCC had received a $3,000 deposit at the beginning of the contract.With respect to these two contracts, what amount would be recorded as unearned revenue for Cosmos at year-end?

A) $3,000
B) $15,000
C) $18,000
D) There is no unearned revenue at year-end.