Chapter 3, Problem 3ISTQ

SUBJECT: GENERAL ACCOUNTING

P4.1A  Record transactions on accrual basis; convert revenue to cash receipts   The following selected data are taken from the comparative financial statements of Yankee Curling Club.  The club prepares its financial statements using the accrual basis of accounting.                        September 30   2022   2021     Accounts receivable for member dues    $      15,000    $       19,000     Unearned sales revenue     20,000   23,000     Service revenue (from member dues)   151,000   135,000                       Dues are billed to members based upon their use of the club's facilities.  Unearned sales  revenues arise from the sale of tickets to events, such as the Skins Game.                       Instructions               (Hint:  You will find it helpful to use T-accounts to analyze the following data.  You must   analyze these data sequentially, as missing information must first be deduced before   moving on.  Post your journal entries as you progress,…

Flare Enterprises sells a product in a competitive marketplace. Market analysis indicates that its product would probably sell at $60 per unit. Flare management desires a 15% profit margin on sales. Their current full cost for the product is $52 per unit. In order to meet the new target cost, how much will the company have to cut costs per unit, if any? a. $3 b. $4 c. $5 d. $1 provide answer to this financial accounting question