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General Financial Accounting Test (Upwork)
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General Financial Accounting Test (Upwork)
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1. XYZ Company publishes a monthly sports magazine. The company has fiscal year of Jan-Dec. On July 1 of Year 1 - the company sold 1000 two-year subscriptions for $200 each. On December 31 of Year 1 - the amount reported as a liability on the Balance Sheet and the amount reported as revenue on the Income Statement are - respectively:

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