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.
Correct Answer:
Verified
Correct Answer:
Verified
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