Southwestern City College sold season tickets for the 2011 football season for $180,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 statement of financial position will be

Q: The City of Iroy collects its annual property taxes late in its fiscal year. Consequently, each year…

A: a. Calculation of  the estimated amount of tax anticipation financing that will be required for the…

Q: The New City College reported deferred revenues of $497,000 as of July 1, 2019, the first day of its…

A: Deferred revue is the amount of revenue that is reported as the amount received in advance but has…

Q: Sheridan City College sold season tickets for the 2022 football season for $242000. A total of 8…

A: Unearned revenue is the amount of revenue which is received by the entity but is yet to be earned.…

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A: A weighted average interest rate is the average rate which reflects the contribution of each loan to…

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A: Notes payable financial instrument that facilitates the company to borrow the loan or the purchase…

Q: mpany borrowed $1,100,000 on March 1 on a 5 -year, 10% note to help finance construction of the…

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Q: How much unearned revenue would be recorded in 2017 related to the above transactions?     A.…

A: Answer are as follows

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A: ''Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

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Q: what amount of tuition revenue should the college recognize on february 28

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A: Annual Expenditures = Total amount paid / Total no. of years = $45,000 / 3 years = $15,000

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A: Given  Lee University receives $1,600,000 prior to the start of the semester for housing and dining…

Q: Florida College sold season tickets for the 2022 football season for $240,000. A total of eight…

A: Revenue per game=Amount of tickets soldTotal games=$240,0008=$30,000

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A: Borrowing cost means where the assets like building , take substantial time to build , then interest…

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A: Loan Amount  $                                  21,000.00 Loan date 04-03 Interest Rate on 04th…

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A: Unearned revenue is money received by business entities for a service or product that has yet to be…

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A: The property tax revenue is the revenue which is the source of revenue to the government and for…

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A: Solution:- Calculation of weighted average expenditure as follows:- =Mar 1 + June 1 + December 31

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A: Revenue is to be recognised as and when all performance obligations satisfied and there is…

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A: City of Troy Estimated Required Tax Anticipation FinancingCITY OF TROYCalculation of Estimated…

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A: Avoidable interest means the interest that would have been avoided in case of expenditure on the…

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.