What amount should be reported as Unearned Service Revenues in Denny’s December 31, 2011 balance sheet?

Feb 15, 2024

What amount should be reported as Unearned Service Revenues in Denny’s December 31, 2011 balance sheet?

Denny Co. sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, or three-year period. Cash receipts from contracts are credited to Unearned Service Revenues. This account had a balance of $900,000 at December 31, 2011 before year-end adjustment. Service contracts still outstanding at December 31, 2011 expire as follows: During 2012 During 2013 During 2014 $190,000 285,000 125,000What amount should be reported as Unearned Service Revenues in Denny’s December 31, 2011 balance sheet?a) $900,000 b) $600,000 c) $1,500,000 d) $300,000

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