Lima Co. has received $12,000 for future subscriptions to The Bean Magazine. Lim

Question

Lima Co. has received $12,000 for future subscriptions to The Bean Magazine. Lima should record this amount as a(an)
a. long-term investment
b. earned revenue
c. account receivable
d. expense
e. unearned revenue

In 2007, Alca Co, issued a long-term note payable that would come due on May 15, 2011. On its December 31, 2010 balance sheet, this note should be classified as a(an)
a. long-term liability.
b. short-term liability
c. intangible asset.
d. long-term investment.
e. expense

The owners' interest in corporation is represented by
a. total assets.
b. long-term liabilities
c. total stockholders' equity
d. common stock
e. revenues

Explanation / Answer

c. account receivable d. long-term investment. d. common stock

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