a. A popular ski magazine company recelves a total of $13,345 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint. b. On September 1 of the current year, a bank lends $3,100 to a company; the note principal and $372 ($3,100 12 percent) annual Interest are due In one year. Answer from the bank's standpolnt. c. Fucillo Automotive Group (offering a wide varlety of car and truck brands) sells a Ford F-150 truck with a list, or "sticker," price of $21,350 for $18.650 cash. d. Macy's department store orders 1,140 men's shirts for $20 each for future delivery from PVH Corp., manufacturer of IZOD, ARROW, Van Heusen, Calvin Klein, and Tommy Hilfiger and other brand-name apparel. The terms require payment In full within 30 days of delivery. Answer from PVH Corp's standpolnt e. PVH Čorp. completes production of the shirts described in (d) and delivers the order. Answer from PVH's standpolnt. f. PVH Corp. recelves payment from Macy's for the events described in (d) and (e). Answer from PVH's standpolnt g. A customer purchases a ticket from American Airlines for $760 cash to travel the following January. Answer from American Alrlines's standpolnt. h. Ford Motor Company Issues $21.1 million In new common stock. I. Michigan State University recelves $18,860,000 cash for 77,000 seven-game season football tickets to be played In the upcoming season. J. Michigan State plays the first football game referred to In (). k. Precision Bulders signs a contract with a customer for the construction of a new $1,550,000 warehouse. At the signing, Precislon recelves a check for $201,000 as a deposit on the future construction. Answer from Precision's standpolnt. L Best Buy recelves Inventory of 20 laptop computers from Dell: Best Buy promises to pay $10,800 within three months. Answer from Dell's standpolnt. m. Amazon.com delivers a $190 lamp to a customer who charges the purchase on his Amazon.com Store Card. Answer from Amazon's standpolnt. Required: For each of the transactions, If revenue Is to be recognized In September, Indicate the revenue account title and amount. (If revenue is not recognized choose "None".)

a. A popular ski magazine company recelves a total of $13,345 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint. b. On September 1 of the current year, a bank lends $3,100 to a company; the note principal and $372 ($3,100 12 percent) annual Interest are due In one year. Answer from the bank's standpolnt. c. Fucillo Automotive Group (offering a wide varlety of car and truck brands) sells a Ford F-150 truck with a list, or "sticker," price of $21,350 for $18.650 cash. d. Macy's department store orders 1,140 men's shirts for $20 each for future delivery from PVH Corp., manufacturer of IZOD, ARROW, Van Heusen, Calvin Klein, and Tommy Hilfiger and other brand-name apparel. The terms require payment In full within 30 days of delivery. Answer from PVH Corp's standpolnt e. PVH Čorp. completes production of the shirts described in (d) and delivers the order. Answer from PVH's standpolnt. f. PVH Corp. recelves payment from Macy's for the events described in (d) and (e). Answer from PVH's standpolnt g. A customer purchases a ticket from American Airlines for $760 cash to travel the following January. Answer from American Alrlines's standpolnt. h. Ford Motor Company Issues $21.1 million In new common stock. I. Michigan State University recelves $18,860,000 cash for 77,000 seven-game season football tickets to be played In the upcoming season. J. Michigan State plays the first football game referred to In (). k. Precision Bulders signs a contract with a customer for the construction of a new $1,550,000 warehouse. At the signing, Precislon recelves a check for $201,000 as a deposit on the future construction. Answer from Precision's standpolnt. L Best Buy recelves Inventory of 20 laptop computers from Dell: Best Buy promises to pay $10,800 within three months. Answer from Dell's standpolnt. m. Amazon.com delivers a $190 lamp to a customer who charges the purchase on his Amazon.com Store Card. Answer from Amazon's standpolnt. Required: For each of the transactions, If revenue Is to be recognized In September, Indicate the revenue account title and amount. (If revenue is not recognized choose "None".)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Transcribed Image Text:A ezto.mheducation.com ter 3: Homework O Saved a. A popular ski magazine company recelves a total of $13,345 today from subscribers. The subscriptions begin In the next fiscal year. Answer from the magazine company's standpolnt b. On September 1 of the current year, a bank lends $3,100 to a company, the note principal and $372 ($3.100 x 12 percent) annual Interest are due In one year. Answer from the bank's standpolnt. c. Fucillo Automotive Group (offering a wide varlety of car and truck brands) sells a Ford F-150 truck wth a list, or "sticker," price of $21,350 for $18,650 cash. d. Macy's department store orders 1,140 men's shirts for $20 each for future dellvery from PVH Corp., manufacturer of IZOD, ARROW, Van Heusen, Calvin Kleln, and Tommy Hilfiger and other brand-name apparel. The terms require payment In full withIn 30 days of delvery. Answer from PVH Corp's standpolnt e. PVH Čorp. completes production of the shirts described In (d and delivers the order. Answer from PVH's standpolnt. f. PVH Corp. recelves payment from Macy's for the events described In (d) and (e). Answer from PVH's standpolnt. g. A customer purchases a ticket from American Alrlines for $760 cash to travel the following January. Answer from American Alrlines's standpolnt h. Ford Motor Company Issues $21.1 million In new common stock. I. Michigan State University recelves $18,860,000 cash for 77,000 seven-qgame season football tickets to be played in the upcoming season. J. Michigan State plays the first football game referred to In (). k. Precision Bullders signs a contract with a customer for the construction of a new $1,550,000 warehouse. At the signing, Precislon recelves a check for $201,000 as a deposit on the future construction, Answer from Precislon's standpolnt. 1. Best Buy recelves Inventory of 20 laptop computers from Dell; Best Buy promlses to pay $10.800 within three months. Answer from Dell's standpolnt. m. Amazon.com delivers a $190 lamp to a customer who charges the purchase on his Amazon.com Store Card. Answer from Amazon's standpolnt. pped Book Hint Print ferences Required: For each of the transactions, If revenue Is to be recognized In September, Indicate the revenue account title and amount. (If revenue Is not recognized choose "None") Amount of Revenue Earned in September Revenue Account Affected a. b. C. d. e. f. 9. h. < Prev 8 of 9 Next> Type here to search W 近

Expert Solution

Step 1

	Revenue Account	Amount of Revenue
a	None	No Revenue earned in the current year as subscription will start next year
b	Interest Revenue	372*1/12= $31
c	Sales Revenue	$18,650
d	None	No transaction, only promises
e	Sales Revenue	1140*$20=$22,800
f	None	Revenue already recognized in e, this is just collection
g	None	No Revenue earned in the current month. Service will be given next month

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.