PHILLIPS CH. 3 FINANCIAL REPORTING REVENUE Pg. 60 Please indicate the amount of revenue, if any, that should be recognized in June for each activity and explain why. 1) In June, Florida Flippers provided $32000 in diving isntruction to customers. 2) In June new customers paid $8200 cash for diving trips to be provided by Florida Flippers; $5200 in trips were made in June and the rest in July. 3) In June, customers paid $3900 cash for instruction they received in May
PHILLIPS CH. 3 FINANCIAL REPORTING REVENUE Pg. 60 Please indicate the amount of revenue, if any, that should be recognized in June for each activity and explain why. 1) In June, Florida Flippers provided $32000 in diving isntruction to customers. 2) In June new customers paid $8200 cash for diving trips to be provided by Florida Flippers; $5200 in trips were made in June and the rest in July. 3) In June, customers paid $3900 cash for instruction they received in May
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PHILLIPS CH. 3 FINANCIAL REPORTING REVENUE Pg. 60
Please indicate the amount of revenue, if any, that should be recognized in June for each activity and explain why.
1) In June, Florida Flippers provided $32000 in diving isntruction to customers.
2) In June new customers paid $8200 cash for diving trips to be provided by Florida Flippers; $5200 in trips were made in June and the rest in July.
3) In June, customers paid $3900 cash for instruction they received in May
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