• Due: Wednesday October 6th, 2021 by 10:00 a.m.• Submitted thru Blackboard as a Word document or PDFAlthough I do not require your rough work, please show eachof the steps you followed in arriving at your final answerProblem:The restaurant of a 165-room year-round resort hotel dependsentirely on its room guests for its revenue. Average annualroom occupancy is 77%. On average, 3.6 people occupy eachroom in use.We know from past experience that 82% of the guests will eatbreakfast, 27% will eat lunch, and 55% will eat dinner in theresort's dining room.The average checks per meal are:BreakfastLunchDinner$8.50$12.25$19.87The restaurant is open every day of the year.Calculate the annual (for 365 days) food revenue for a non-leapyear, showing your calculations.*ensure all calculations are rounded to two decimal places toarrive at the correct answer18°C Clou

Total rooms in a hotel=165 rooms Total days in a year=365 days Total rooms in a year=165*365…

Answered: lackboard t require yo

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...

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It's a week before Frogbox's October 31, 2023, year-end. You are the personnel director and are reviewing some financial information regarding the March 1, 2021, purchase of office furniture for the Western Region offices totalling $700,000 ($300,000 was paid in cash and the balance was financed over four years at 4% annual interest with annual principal payments of $100,000). The useful life of the furniture was estimated to be five years with a projected resale value at that time of $20,000. Insurance was purchased on the furniture at a cost of $8,000 annually, payable each March 1. You leave the office for the day wondering what needs to be considered regarding these items in preparation for year-end. Required 1. Identify the relevant facts. 2. Describe what principles need to be considered. 3. Outline the goal of financial reporting. 4. Recommend an appropriate accounting policy and describe the impact to the year-end financial statements. 4 MODE 6 PLAN Please donot provide…
Valley Spa purchased $11,200 in plumbing components from Tubman Co. Valley Spa Studios signed a 90-day, 7% promissory note for $11,200. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.)
You were engaged to audit the books of accounts of A. Bonifacio contractors which had a 3 year construction contract in 2020 for Php 900,000. A Bonifacio uses the percentage of completion method for financial statement purposes. Income to be recognized each year is based on the ratio of cost incurred to total estimated cost to complete the contract. Data on this contract follows: Accounts receivable construction contract billings Php 30,000 Construction in progress 93,750 Less: Amounts billed 84,375 10% retention Php 9,375 Net Income recognized in 2020 (before tax) Php 15,000 A. Bonifacio contractors maintains a separate bank account for each construction contract. Bank deposits to this contract amounted to Php 50,000 Required: 6. How much cash was collected on the contract that was not yet deposited as at December 31, 2020? Thank you
Headland Corp. enters into a contract with a customer to build an apartment building for $995,600. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $145,500 to be paid if the building is ready for rental beginning August 1, 2018. The bonus is reduced by $48,500 each week that completion is delayed. Headland commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: Completed by Probability August 1, 2018 70 % August 8, 2018 20 August 15, 2018 5 After August 15, 2018 5 (a) Determine the transaction price for the contract, assuming Headland is only able to estimate whether the building can be completed by August 1, 2018, or not (Headland estimates that there is a 70% chance that the building will be completed by August 1, 2018). (If answer is 0, please enter 0. Do not leave any fields blank.) Transaction Price $…
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Ivanhoe Corp. enters into a contract with a customer to build an apartment building for $1,061,800. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $139,200 to be paid if the building is ready for rental beginning August 1, 2021. The bonus is reduced by $46,400 each week that completion is delayed. Ivanhoe commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: Completed by Probability August 1, 2021 70 % August 8, 2021 20 August 15, 2021 6 After August 15, 2021 4 Determine the transaction price for this contract. Transaction Price
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Assume the following scenarios.Scenario 1: During 2021, The Hubbard Group provides services of $900,000 for repair of a state highway. The company receives an initial payment of $300,000 with the balance to be received the following year.Scenario 2: Rolling Stone magazine typically charges $80 for a one-year subscription. On January 1, 2021, Herman, age 72, purchases a one-year subscription to the magazine and receives a 15% senior citizen discount.Scenario 3: During 2021, Waste Management provides services on account for $30,000. The customer pays for those services in 2022.Scenario 4: During 2021, Sysco Corporation sells grocery items to one of its customers for $260,000 on account. Cash collections on those sales are $180,000 in 2021 and $60,000 in 2022. The remaining $20,000 is written off as uncollectible in 2022.Required: For each scenario, calculate the amount of revenue to be recognized in 2021.
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