M3-3 Identifying Accrual Basis Revenues brod lure The following transactions are July activities of Bill's Extreme Bowling, Inc., which operates sev- eral bowling centers. If revenue is to be recognized in July, indicate the amount. If revenue is not to be recognized in July, explain why. Activity a. Bill's collected $12,000 from customers for services related to games played in July. b. Bill's billed a customer for $250 for a party held at the cen- ter on the last day of July. The bill is to be paid in August. c. The men's and women's bowling leagues gave Bill's advance payments totaling $1,500 for the fall season that Amount or Explanation

M3-3 Identifying Accrual Basis Revenues brod lure The following transactions are July activities of Bill's Extreme Bowling, Inc., which operates sev- eral bowling centers. If revenue is to be recognized in July, indicate the amount. If revenue is not to be recognized in July, explain why. Activity a. Bill's collected $12,000 from customers for services related to games played in July. b. Bill's billed a customer for $250 for a party held at the cen- ter on the last day of July. The bill is to be paid in August. c. The men's and women's bowling leagues gave Bill's advance payments totaling $1,500 for the fall season that Amount or Explanation

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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Frief Exercise 10-4 ramble University sells 6,500 season basketball tickets at $40 each for the entire 13-game home schedule. a) sive the entry to record the sale of the season tickets. (Credit account titles are automatically indented Account Titles and Explanation Debit Credit b) Sive the entry to record the revenue recognized after playing the first home game. (Credit account titles are ac Account Titles and Explanation Debit Credit Elick if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT
Question 6. A credit sale of $750 is made on 13 June, terms 2/7, n/30, on which a return of $50 is granted on 16 June. The customer paid the amount owing on 17 June. What amount will the customer pay? a) $700 b) $686 c) $685 d) $650
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Francisco Company has 10 employees, each of whom earns $2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger. a. FICA-Social Security Taxes Payable, $3,472; FICA-Medicare Taxes Payable, $812. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.) b. Employees' Federal Income Taxes Payable, $7,000 (llability for February only). c. Federal Unemployment Taxes Payable, $336 (liability for January and February together). d. State Unemployment Taxes Payable, $3,024 (lability for January and February together). The company had the following payroll transactions. March 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $11,284 check is in payment of…
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Blossom Telecommunications Corp. has made an investment in another company that will guarantee it a cash flow of $25,000 each year for the next five years. If the company uses a discount rate of 19 percent on its investments, what is the present value of this investment? (Round factor values to 4 decimal places, e.g. 1.2514 and final answer to 2 decimal places, e.g. 15.25.)
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