Smith College has a fiscal year end of 6/30/22 and runs summer session classes from 6/1/22 to 8/31/22. The following are selected transactions of Smith College; 6/1/22 Smith College collects $300,000 tuition for the 2022 summer session 6/1/22 Smith College collects $1,000,000 tuition for the Fall 2022 semester 6/1/22 to 6/30/22 Smith College pays $2,000 to faculty teaching in the summer session 7/1/22 to 8/31/21 Smith College pays $4,000 to faculty teaching in the summer session

Smith College has a fiscal year end of 6/30/22 and runs summer session classes from 6/1/22 to 8/31/22. The following are selected transactions of Smith College; 6/1/22 Smith College collects $300,000 tuition for the 2022 summer session 6/1/22 Smith College collects $1,000,000 tuition for the Fall 2022 semester 6/1/22 to 6/30/22 Smith College pays $2,000 to faculty teaching in the summer session 7/1/22 to 8/31/21 Smith College pays $4,000 to faculty teaching in the summer session

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 34CE: Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler...

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Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler charges $46,000 for the project, and the local business signs an 8% note January 1, 2019. Required: 1. Prepare the journal entry to record the sale on January 1, 2019. 2. Determine how much interest Metzler will receive if the note is repaid on October 1, 2019. 3. Prepare Metzlers journal entry to record the cash received to pay off the note and interest on October 1, 2019.
On January 1, Southwest College received $1,200,000 in Unearned Tuition Revenue from its students for the spring semester, which spans four months beginning on January 2. What amount of tuition revenue should the college recognize on January 31? Group of answer choices $300,000. $800,000. $900,000. $600,000.
Problem 1: The Happy Toddlers The Happy Toddlers is a preparatory school for children three to five years old. Students are enrolled for a school-year. Parents can pay the full tuition fee of 70,000 at the start of the school year (June). There is also an option to pay two installments of 37,000 each at the start of every semester (June 1 and November 1). Of the 150 students enrolled, 80 are paid in full at the start of the year. The remaining students are on installment basis. One school year runs from June 1 to March 31. Determine the tuition fee revenue for the period December 31. This is the first year of Happy Toddlers operations.
Compensated Absences. Data: Poplar Fabrication grants its employees 2 weeks vacation each year. Unused are taken the next year. In 2024 there were700 weeks of unused vacation. The employees earned an average wage of $900 per week. In 2025 the 700 weeks were taken with a 5 Percent wage increase. Required: 1. Prepare the Journal entry for vacation weeks earned, but not taken in 2024. Prepare the journal entry for the vacation weeks taken in 2025. ( hint 5% raise)
Every entry should have narration please Problem 1 November 19, 2020, BG Ltd purchased a mini excavator from an equipment supplier. The cost of the excavator was 560,000, with $6,000 paid in cash, and a note for $54.000 with interest on the note at 4% all due on November 18, 2021. BG Ltd. has a year end of December 31. Prepare all of the entries required for the note in 2020 and 2021.
Problem 26 Jem Riane Delos Reyes Bank granted a loan of P3,000,000 to a borrower on January 1, 2021. The terms of the loan were payment in full on December 31, 2026 plus annual interest payment at 8% every December 31. The first interest payment was made on December 31, 2021. However, on December 31, 2021, due to financial difficulties, the borrower informed Freetown Bank that it would probably miss the interest payments for the next two years. After that, the borrower expects to resume the annual interest payment but the principal would be paid on December 31, 2027 or one year late with interest paid for that additional year. Accordingly, the payments from the borrower are scheduled as follows: Date of Flow Cash Flow Amount 12/31/2022 No interest payment Nil 12/31/2023 No interest payment Nil 12/31/2024 Interest payment P 240,000 12/31/2025 Interest payment 240,000 12/31/2026 Interest payment 240,000 12/31/2027 Interest payment 240,000 Principal payment 3,000,000 The…
Ellsworth Enterprises borrowed $425,000 on an 8%, interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on May 31, 2021. Prepare the entry for this note on September 30, 2020. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read surrounding text. Blank 10. Fill in the blank, read surrounding text. Blank 11. Fill in the blank, read surrounding text. Blank 12. Fill in the blank, read surrounding text. Blank 13. Fill in the blank, read surrounding text. Blank 14. Fill in the blank, read…
Question Content Area Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $740,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 9.00%. Each year on December 31, the company pays down the principal balance by $83,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. Question Content Area A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. $fill in the blank 462c1ff52fc4fdd_1 B. Compute the interest accrued on December 31 of the first year. $fill in the blank 462c1ff52fc4fdd_2…
1 Required: The New City College reported deferred revenues of $210,000 as of July 1, 2023, the first day of its fiscal year. Record the following transactions related to student tuition and fees and related scholarship allowances for New City College for the year ended June 30, 2024. The deferred revenues related to unearned revenues for the summer session, which ended in August. During the fiscal year ended June 30, 2024, student tuition and fees were assessed in the amount of $11,890,000. Of that amount, $9,650,000 was collected in cash. Also, of that amount, $422,000 pertained to that portion of the summer session that took place after June 30, 2024. Student scholarships, for which no services were required, amounted to $612,000. These scholarships were applied to student tuition bills at the beginning of each semester. Student scholarships and fellowships for which services were required (graduate research assistantships) amounted to $830,000. These were applied to student…
On January 1, Eastern college received $1,300,000 from its students for the spring semester that it recorded in Unearned Tuition and Fees. The term spans four months beginning on January 2 and the college spreads the revenue evenly over the months of the term. Assuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on February 28? ____ $325,000. _____ $650,000. _____ $900,000. _____ $975,000.
Problem 23National Bank loaned 5,000,000 to Bank net company on Jan. 1, 2018. The terms of the loan require principal payment of 1,000,000 each year for 5 years plus interest at 10%. The first principal and interest payment is due on Dec. 31, 2018. National Bank made the required payments on Dec. 31, 2018 and Dec. 31, 2019. However during 2020, Bank net began to experience financial difficulties and was unable to make the required principal and interest payment on Dec. 31, 2020. National bank projected the cash flows from the loan as of Dec. 31, 2020 as follows: Dec. 31, 2021, 500,000, Dec. 31, 2022, 1,000,000 and Dec. 31, 2023 1,500,000. At 10% PV factors are .9091 for one period, .8264 for two periods, and .7513 for three periods. What is the entry to recognize the impairment loss?
Problem 24Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8% payable annually starting Dec. 31,2020. The loan matures in three years on Dec. 31,2022. Data related to the loan are:Principal amount 1,500,000Origination fees charged against the borrower 50,000Direct Origination cost incurred 130,150After consideration of the origination fees charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. Required:1. Compute the carrying amount of the loan receivable on December 31,2020, December 31,2021, December 31,2022.2. Prepare a table of amortization for the loan receivable.