Calculate the unearned revenue Pine Valley Golf Club pre-sells lessonpackages. They received $9,600 for 40lessons in March but delivered only 28lessons byby month-end. Calculate theunearned revenue to be recorded.

Explanation of Pre-sells: Pre-selling refers to the practice of selling a product or service before…

Answered: Pine Valley Golf Club pre-sells lesson…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 12EB: Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the...

See similar textbooks

Similar questions

Over the winter months, Carla Vista Lawns Co. pre-sells fertilizing and weed control lawn services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 340 customers took advantage of the discount and purchased the summer lawn service package for $700 each. In June, 300 customers purchased the package for $810, and in July, 100 purchased it for the same price. For customers who pay after May 1. service starts in the month the customer makes the payment. How much revenue should be recognized by the Carla Vista Lawns Co. in each of the months of March, April, May, June, July. August. and September? (Round answers to 0 decimal ploces, eg 5,275) March April May June July
Over the winter months, Sheridan Lawns Co. pre-sells fertilizing and weed control lawn services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 390 customers took advantage of the discount and purchased the summer lawn service package for $740 each. In June, 320 customers purchased the package for $840, and in July, 107 purchased it for the same price. For customers who pay after May 1, service starts in the month the customer makes the payment. How much revenue should be recognized by the Sheridan Lawns Co. in each of the months of March, April, May, June, July, August, and September? (Round answers to 0 decimal places, e.g. 5,275.) March $ April $ May $ June $ July $ August $ September $
Over the winter months, Oriole Co. pre-sells fertilizing and weed control lawn services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 270 customers took advantage of the discount and purchased the summer lawn service package for $760 each. In June, 220 customers purchased the package for $800, and in July, 81 purchased it for the same price. For customers who pay after May 1, service starts in the month the customer makes the payment. How much revenue should be recognized by the Oriole Co. in each of the months of March, April, May, June, July, August, and September? (Round answers to 0 decimal places, e.g. 5,275. Do not leave any answer field blank. Enter O for amounts.) March April May June July August September $ ՄԴԴԴ $
Over the winter months, Pharoah Co. pre-sells fertilizing and weed control lawn services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 275 customers took advantage of the discount and purchased the summer lawn service package for $760 each. In June, 225 customers purchased the package for $800, and in July, 84 purchased it for the same price. For customers who pay after May 1, service starts in the month the customer makes the payment. How much revenue should be recognized by the Pharoah Co. in each of the months of March, April, May, June, July, August, and September? (Round answers to 0 decimal places, e.g. 5,275. Do not leave any answer field blank. Enter O for amounts.) March $ April $ May $ June $ July August September $
Purrfect Pets, Inc. provides animal daycare for $ 28 per day. Customers buy three month packages, which provide 15 days of care per month. In January they received cash payments from 12 customers. For the month of January, they will recognize ________ of revenue under the cash basis, and ________ of revenue under the accrual basis. A. $15,120;$5,040 B. $ 420; $1,260 C. $5,040;$5,040 D. $15,120;$15,120
CAR WASH KING recently started a promotion by selling a car wash pass to their customers. The three-month pass for unlimited car wash costs P600. The company estimates that their customers wash their cars equally throughout the three=month period. On December, the first batch of customers purchased P12,000 worth of the three-month passes. The purchases of the passes occurred evenly throughout December. What is the amount of sales revenue to be recognized in December?
On January 1, Hi-r-Ed Wired Connection opened for business across the street from Northside University. The company charges students a monthly fee of $20 and $1 for each hour they are online. During January, 500 students signed up for the service, and each will have until the fifth of the following month to pay the monthly fee. By the end of January, 200 students had paid the monthly fee. Student usage, payable at the time connected, was 4,500 hours during January. Assume that Hi-r-Ed uses the accrual basis of accounting. Required: 1. Prepare the Revenues section of Hi-r-Ed's income statement for the month of January. Hi-r-Ed Wired Connection Income Statement (partial) For the Month Ended January 31 Revenues: Membership fees Online usage fees Total revenue 2. Prepare the Cash Receipts section of Hi-r-Ed's statement of cash flows for the month of January. Hi-r-Ed Wired Connection Statement of Cash Flows (partial) For the Month Ended January 31 Cash received from: Membership fees Online…
Current Attempt in Progress Your answer is partially correct. Splish Brothers Ltd. held a spring promotion in April that enabled new customers to purchase a package of four lawn treatments treatments for $200. Customers received lawn treatments in May, June, July, and August. Splish Brothers normally charges $50 per treatment. Splish Brothers sold 120 of the promotional packages in April. Using the five-step model, determine the amount of revenue that Splish Brothers would recognize in: a. April and b. May. a. Revenue for the month of April b. Revenue for the month of May LA $ LA 6000 6000
5
Summit Incorporated operates a concert series that has monthly fixed expense of $7,000. In addition, the company pays distributors $4.00 per ticket sold. The following chart shows the number of tickets Summit expects to sell during the year. January February March 1,200 1,000 1,100 April May June 600 1,100 1,000 Assume Summit wants to earn $5.00 per concert attendee. How much should the company charge for a ticket in January? July August September October November December Total 1,700 1,100 900 1,000 500 800 12,000
Merry Maidens Cleaning generally charges $300 for a detailed cleaning of a normal-size home. However, to generate additional business, Merry Maidens is offering a new-customer discount of 10%. On May 1, Ms. E. Pearson has Merry Maidens clean her house and pays cash equal to the discounted price.Required:Record the revenue recognized by Merry Maidens Cleaning on May 1.
following to answer question For the next few weeks, the company is offering a 20% trade discount when providing services of $10,000 or more to its customers to encourage customers to buy more services. The company also offers 2/10,n30 on all credit sales. All credit sales are invoiced at the end of the month. The company provided the following services this month; amounts are shown before trade discounts have been deducted: Provides $12,000 services for Customer A- on account-pays within 10 days • Provides $7,000 services for Customer B-on account-pays within 10 days Provides $20,000 services for Customer C-on account-pays within 30 days Provides $8,000 services for Customer D-received payment last month . 1. $ What amount of Service revenue should the company record for Customer A?

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

Pine Valley Golf Club pre-sells lesson packages. They received $9,600 for 40 lessons in March but delivered only 28 lessons by by month-end. Calculate the unearned revenue to be recorded.