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What amount should be reported as unearned service contract revenues in Smith’s December 31, 2013 balance sheet?

05 / 03 / 2018 Assignment

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Smith 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 credite
d to unearned service contract revenues. This account had a balance of $480,000 at December 31, 2013 before year-end adjustment. Service contract costs are charged as incurred to the service contract expense account, which had a balance of $120,000 at December 31, 2013. Outstanding service contracts at December 31, 2013 expire as follows:

During 2014 During 2015 During 2016

$100,000 $160,000 $70,000

What amount should be reported as unearned service contract revenues in Smith’s December 31, 2013 balance sheet?


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