Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 8 throughJuly 28. Total tuition paid by students for the summer session amounted to $110,000.Required:a. How much revenue should be reflected in the fiscal year ended June 30, 2022?Note: Do not round intermediate calculations.b. Would there be a change in the revenue reflected if the university had a tuition refund policy that no tuition would be refundedafter the end of the third week of summer session classes?a. Amount of revenueb. Would there be a change in the revenue reflected?

Calculating Revenue for Fiscal Year Ended June 30, 2022:The summer session runs from June 8 to June…

Answered: Big Blue University has a fiscal year…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Dawson City has a December 31 fiscal year end. The City levies property taxes of $5,000,000 on February 1, 2022 and expects 2% to be uncollectible. The City has two due dates for collection, 1/2 on October 31, 2022 and 1/2 on April 30, 2023. Record the requested journal entries: 1. Record the levy on February 1, 2022, assuming the City records the entire levy as unavailable revenue. 2. Record the collection of property taxes of $2,410,000 on October 31, 2022. 3. Record any necessary adjusting journal entry at December 31, 2022. 4. Record any necessary journal entry to recognize revenue associated with the 2/1/2022 levy in 2023. Repeat this process and record all four journal entries if the entire levy had been treated as revenue at the time of the levy.
Eaton Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee. Enter all amounts as positive numbers. If an amount is zero, enter "0". Round interim calculations to two decimals and use in subsequent computations. Round final answer to two decimal places. As we go to press, the federal income tax rates for 2023 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2022 federal income tax tables for Manual Systems with Forms W-4 from 2020 or Later with Standard Withholding and 2022 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. Employee Tarra James Mike Cramden Jim Jones Joan Kern Mary Long Cathy Luis Josie Martin Terri Singer Shelby Torres No. of Filing Withholding Status Allowances S S HH MFJ S MFJ MFJ MFJ MFJ N/A N/A N/A N/A N/A N/A N/A N/A N/A Payroll Period W = Weekly S= Semimonthly M…
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Hamilton Township needs to make its closing entries to close out its budgetary and operating accounts. Assume that Hamilton Township has a balance remaining of $275,000 in encumbrances outstanding as of the end of the year. The outstanding invoices are expected to be honored in the next fiscal year. Required: Prepare the journal entries to close the encumbrance account
For the month of June 2023, patient charges at Southfield Hospital (a not-for-profit hospital) were $2,940,000. Third-party payers were billed $1,900,000. The hospital estimated that contractual adjustments would reduce the amount collected from their-party payers to $1,790,000. Prepare the neccessary journal entry to record the contractual adjustments.
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Eastern University had the following transactions at the beginning of its academic year: 1. Student tuition and fees were billed in the amount of $7,190,000. Of that amount, $4,640,000 was collected in cash. 2. Pell Grants in the amount of $2,014,000 were received by the university. 3. The Pell Grants were applied to student accounts. 4. Student scholarships, for which no services were required, amounted to $610,000. These were applied to student tuition bills at the beginning of each semester. Required: Prepare journal entries to record the above transactions assuming: a. Eastern University is a public university. b. Eastern University is a private university. Complete this question by entering your answers in the tabs below. Public University Private University Prepare journal entries to record the above transactions assuming Eastern University is a public university. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account…
Eaton Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee. Enter all amounts as positive numbers. If an amount is zero, enter "0". Round interim and final answers to two decimal places. As we go to press, the federal income tax rates for 2024 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2023 federal income tax tables for Manual Systems with Forms W-4 From 2020 or Later with Standard Withholding and 2023 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. Employee Tarra James Mike Cramden Jim Jones Joan Kern Mary Long: Cathy Luis Josie Martin Terri Singer Shelby Torres Filing Status MFJ S S MFJ MFJ MFJ S S MFJ No. of Withholding Allowances N/A N/A N/A N/A N/A N/A N/A N/A N/A Payroll Period W = Weekly S = Semimonthly M = Monthly D = Daily W W W M M S COSM D Wage $1,350 590 675 3,100…
Since the SUTA rates changes are made at the end of each year, the available 2019 rates were used for FUTA and SUTA. Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers. Example 5-5 Sutcliffe Company had taxable wages totaling $87,500. During the year, the company paid some of its state contributions after the January 31 cutoff of the following year. The penalty for tardiness is shown in the following calculation of the firm's net FUTA tax: Amount of gross FUTA tax ($87,500 × 6.0%) $5,250.00 State taxable wages $87,500 Sutcliffe's SUTA tax rate × 5.4% Sutcliffe's SUTA tax $ 4,725 Breakdown of Sutcliffe's SUTA tax payments: Before 1/31 cutoff—$3,000 × 100% credit (3,000.00) After 1/31 cutoff—$1,725 × 90% credit (1,552.50) Amount of net FUTA tax $ 697.50 If the company had made timely payments of its state contributions, the amount of its net FUTA tax would have been reduced to $525,…
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