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.

Question

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The Answer of 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.

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