Hercules Workout World gains a client who prepays $630 for a package of six physical training sessions. Hercules Workout World collects the $630 in advance and will provide the training later. After two training sessions, what should Hercules Workout World report on its income statement? a. Unearned service revenue of $210 b. Service revenue of $210 c. Cash of $420 d. Service revenue of $630 General Account
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- VolleyElite runs a volleyball program consisting of camps, tournaments, and specialized coaching. VolleyElite charges customers 500 per year for access to its facilities and programs. In addition, VolleyElite charges each customer a 100 registration fee. The fee is not refundable and must be paid at the initiation of the contract. Should the registration fee be considered a separate performance obligation from the yearly dues?Allocating Transaction Price to Performance Obligations and Recording Sales Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $80 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned. a. How should the transaction price be allocated among the performance obligation(s)?Note: Round each allocated transaction price in the table below to the nearest dollar. Performance Obligations TransactionPriceas Stated StandaloneSellingPrice AllocatedTransaction Price(rounded) Product purchase Answer Answer Answer Loyalty rewards Answer Answer Answer Answer Answer Answer b. Prepare Maximum’s journal entry to record the $400 sale to the customer where the customer earned 400…Transactions for you to complete 1) Create A Supplier Account. Supplier: Ink Inspector Address: Oakville, ON Terms: N30 Exp acct: 5250 Licenses Tax Code: HI (HST @ 13%, included) 2) Create A Customer Account. Client: Noya Modeling Agency Terms: 1/15, N30 Address: Hamilton, ON Tax Code: H (HST @13%) Rev acct: 4050 Rev from services Credit Limit: $10,000 Change the Session Date to April 8, 2022 3) Enter the following transactions into Sage. Purchase Invoice #GB-806 Dated April 4 from Germ Busters; $3,750, plus HST for new sterilization equipment (add freight charges of $225 + HST). (Pay attention to the words! This is not sterilized needles; this is for sterilization equipment. You need to change the account number.) Sales Invoice Dated April 4 to Noya Modeling Agency $8,000, plus HST for laser treatments to remove tattoos on new models hired in the agency. Credit Card Sales Invoice Dated April 4 to One-Time walk-in clients. Sales Summary: $1,420, plus HST for laser treatments. Payment…
- Allocating Transaction Price to Performance Obligations and Recording Sales Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $196) for cash at the usual selling price of $280 and earns 280 points redeemable for $56 off future purchases of goods or services. The retailer expects redemption of 252 points or 90% of points earned. Required a. How should the transaction price be allocated among the performance obligation(s)? *Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Performance Obligations Product purchase s Loyalty rewards Total Transaction Price as stated Account Name To record sale of product. 280 ✔ S To record cost of sale of product. 280 S b. Prepare Maximum's journal entry to record the $280 sale to the customer and the cost of that sale where the customer earned 280 loyalty points. *Note: If a…Subject - account Please help me. Thankyou.Pacifica Fitness Ltd is marketing a 'fitness package' in which, for $440, it provides customers with a 6-month gym membership (which retails separately for $500, a gym bag (which retails separately for $35) and five free zumba classes (which retail separately for 65). You are required to determine: a) Separate performance obligations and how much of the transaction price to allocate to each performance obligation.
- - please answer in excel and show work please The manager of Steve's Audio has approved Daisy's application for 24 months of credit with maximum monthly payments of $65. If the annual percentage rate (APR) is 15.8 percent, what is the maximum initial purchase that Daisy can buy on credit? Multiple Choice $1538.25 $1,330.12 $ 890.99 $980.99 $1, 434.67CASE BACKGROUND: Digiview, Inc. is a company that offers video streaming of entertainment content for an annual fee of $125. To promote its service, the company places a display advertisement on an entertainment magazine web site called E-Monthly. The E-Monthly web site offers two choices for placement of the ad. Option A: Cost-Per-Thousand (CPM) is $4.00 per 1000 impressions. Option B: Cost-Per-Click (CPC) is $0.25 per click Of the 650,000 people who viewed the ad that Digiview placed on the E-Monthly web site, 10,400 people clicked the advertisement and were directed to the web site of Digiview. Of the 10,400 people who visited the web site of Digiview, 676 people completed on online form requesting more information on the video streaming service. Of the 10,400 people who visited the web site of Digiview, 2288 people left the site after viewing only one page If Digiview chose to place the ad on a CPC basis, what was the cost of the ad? (Show your calculations and final answer…Barton Health Services provided care to a patient worth $1,200. Because the patient was over the age of 65, Barton granted the patient a 20% discount and the customer paid the correct amount in cash. How would Barton record the service transaction? A. Cash 960 Service Revenue 960 B. Cash 960 Trade Discount 240 Service Revenue 1,200 C. Cash 1,200 Service Revenue 1,200 D. Cash 1,200 Trade Discount 240 Service Revenue 960
- Please do not give solution in image format ?Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $80 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned. a.) How should the transaction price be allocated among the performance obligation(s)?Note: Round each allocated transaction price in the table below to the nearest dollar. b. Prepare Maximum’s journal entry to record the $400 sale to the customer where the customer earned 400 loyalty points.Pacifica Fitness Ltd is marketing a 'fitness package' in which, for $ 400 , it provides customers with a 6-month gym membership (which retails separately for $ 510 , a gym bag (which retails separately for $ 39 ) and five free zumba classes (which retail separately for 67 ). You are required to determine: a) Separate performance obligations and how much of the transaction price to allocate to each performance obligation. Good or Service Stand-alone Price Discount Allocation Allocated Amount Gym Membership Gym Bag Zumba Classes Gym Membership Gym Bag Zumba Classes Gym Membership Gym Bag Zumba Classes Total b) Pacifica Fitness Ltd sold 15 packages advance and receive first payment on 30 May 2023. The reporting period is 30 June 2023. Provide the accounting entries to record the receipt of the cash and the subsequent reporting date adjustment. 30 May 2023 Debit/Credit Description Debit Amount Credit Amount Debit…