Anton Company reported a beginning balance of $13,200 and an ending balance of $14,400 in its Unearned Revenue account for the current year.During the year,$36,000 of revenue (previously unearned)was recognized.Considering only this information,how much cash was received in advance from customers during the year?

Question

Quizplus · Accepted Answer

Ending balance of unearned revenue of $14,400 = Beginning balance of unearned revenue of $13,200 + Increase due to cash collected in advance of (the unknown)-Decrease due to services provided to customers of $36,000
Cash collected in advance from customers = $14,400 - $13,200 + $36,000 = $37,200

Anton Company Reported a Beginning Balance of $13,200 and an Ending