The Happy Toddlers is a preparatory school for children three to five years old. Students are enrolled for a school year. Operations started on June 1. Parents can pay the full tuition fee of P70,000 each at the start of the every semester (June 1 and November 1.) Of the 150 students enrolled, 80 are paid in full at the start of the year. The remaining students are on installment basis. One school year runs from June 1 to March 31.Required:Determine the tuition fee revenue for the period December 31. This is the first year of Happy Toddlers operations. Part 1: Starting the businessThe Happy Toddlers is a preparatory school for children three to five years old.Students are enrolled for a school year. Operations started on June 1. Parents can paythe full tuition fee of P70,000 each at the start of the every semester (June 1 andNovember 1.) Of the 150 students enrolled, 80 are paid in full at the start of the year.The remaining students are on installment basis. One school year runs from June 1 toMarch 31.Required:Determine the tuition fee revenue for the period December 31. This is the first year ofHappy Toddlers operations.

Revenue means the income to be booked in books of accounts. Revenue should be booked on accrual…

Answered: Determine the tuition fee revenue for…

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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The Happy Toddlers is a preparatory school for children three to five years old. Students are enrolled for a school year. Operations started on June 1. Parents can pay the full tuition fee of P70,000 each at the start of the every semester (June 1 and November 1.) Of the 150 students enrolled, 80 are paid in full at the start of the year. The remaining students are on installment basis. One school year runs from June 1 to March 31.

Required:
Determine the tuition fee revenue for the period December 31. This is the first year of Happy Toddlers operations.

Part 1: Starting the business
The Happy Toddlers is a preparatory school for children three to five years old.
Students are enrolled for a school year. Operations started on June 1. Parents can pay
the full tuition fee of P70,000 each at the start of the every semester (June 1 and
November 1.) Of the 150 students enrolled, 80 are paid in full at the start of the year.
The remaining students are on installment basis. One school year runs from June 1 to
March 31.
Required:
Determine the tuition fee revenue for the period December 31. This is the first year of
Happy Toddlers operations.

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