southeast airlines inc awards members of its flightline program a second ticket at half provide valid for 2 years anywhere on its flight system, where full price ticket is purchased. How would you account for the full fare half fare tickets?
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southeast airlines inc awards members of its flightline program a second ticket at half provide valid for 2 years anywhere on its flight system, where full price ticket is purchased. How would you account for the full fare half fare tickets?
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- Southeast Airlines Inc. awards members of its Flightlineprogram a second ticket at half price, valid for 2 yearsanywhere on its flight system, when a full-price ticket ispurchased. How would you account for the full-fare andhalf-fare tickets?WaterWorld Inc. operates an aquarium and water park in Orlando, Florida. In addition to daily admission tickets, WaterWorld offers two other ticket options. First, it offers an annual pass for $600 that allows unlimited access to the aquarium and theme park for one year from the date of purchase. In addition, it offers a Summer Fun Pass that allows unlimited access to the waterpark for June, July, and August for $450. Both pass options require full payment at the time of purchase. On April 1, 2019, WaterWorld entered into a contract with a customer to purchase an annual pass. On that same date, it entered into another contract with a customer to purchase a Summer Fun Pass. Required: 1. Prepare WaterWorld’s journal entries in 2019 related to the annual pass. 2. Prepare WaterWorld’s journal entries related to the Summer Fun Pass.RPS co-op introduced a loyalty program in 2020. every customer who signed up would receive 3% of their total purchases as a cheque, each February for the previuos year, that could br used in sotre on any merchandise eithin the next nine months. customers could look online during the year and check their balance at any time. Laura signed up for the program in 2020. when she purchased a kayak in July for 1100. later in september she purchased a mountain bike for 2200. in March 2021 she purchased a paddle board for 2100 and used her cheque toward the purchase. A) Record the sale of Kayak and loyalty points. B)Record sale of mountain bike and loyalty points C) Record the sales of paddleboard, use of rewards points, cheque towards its purchase and the rewards points earned on sale. D) In 2020 RPS Co-op had a total pf 497,000 in sales to customers who had signed up with the loyalty program. What is the amount of liability that woudl be created by these sale?
- On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk and 5 GB data wireless plan for $70.00 per month. The contract includes a smartphone for which the customer pays $299.00. Loud also sells the smartphone and monthly service plan separately, charging $659.00 for the smartphone and $70.00 for the monthly service for the unlimited talk and 5 GB data wireless plan. On July 1, 2019, the customer realizes that she needs less data in her wireless plan and downgrades to the unlimited talk and 2 GB data plan for the remaining term of the contract (18 months). The unlimited talk and 2 GB data plan is priced at $49.00 per month. The $49.00 per month is Loud’s current stand-alone price for this plan that is available to all customers. Required: 1. How should Loud account for this contract modification? 2. Provide Loud’s new monthly revenue recognition journal entry. 1. How should Loud account for this contract modification? The…On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk and 5 GB data wireless plan for $70.00 per month. The contract includes a smartphone for which the customer pays $299.00. Loud also sells the smartphone and monthly service plan separately, charging $659.00 for the smartphone and $70.00 for the monthly service for the unlimited talk and 5 GB data wireless plan. On July 1, 2019, the customer realizes that she needs less data in her wireless plan and downgrades to the unlimited talk and 2 GB data plan for the remaining term of the contract (18 months). The unlimited talk and 2 GB data plan is priced at $49.00 per month. The $49.00 per month is Loud’s current stand-alone price for this plan that is available to all customers. Required: 1. How should Loud account for this contract modification? 2. Provide Loud’s new monthly revenue recognition journal entry.On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk and 5 GB data wireless plan for $64.00 per month. The contract includes a smartphone for which the customer pays $299.00. Loud also sells the smartphone and monthly service plan separately, charging $649.00 for the smartphone and $64.00 for the monthly service for the unlimited talk and 5 GB data wireless plan. On July 1, 2019, the customer realizes that she needs less data in her wireless plan and downgrades to the unlimited talk and 2 GB data plan for the remaining term of the contract (18 months). The unlimited talk and 2 GB data plan is priced at $45.00 per month. The $45.00 per month is Loud’s current stand-alone price for this plan that is available to all customers.
- On July 1, 2022, John entered into a 12-month telecom plan with Cabinet Telecom. The terms of the plan includes the following: Calida's monthly fixed fee is P2,000. Calida receives a free handset at the inception of the plan.Tela Telecom sells the same handsets for P6,000 and the same monthly prepayment plans w/out handset for P1,600/month.Determine the total amount of revenue to be recognized by Cabinet Telecom in 2022On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk and 5 GB data wireless plan for $65 per month. The contract includes a smartphone for which the customer pays $299. Loud also sells the smartphone and monthly service plan separately, charging $649 for the smartphone and $65 for the monthly service for the unlimited talk and 5 GB data wireless plan. On July 1, 2019, the customer realizes that she needs less data in her wireless plan and downgrades to the unlimited talk and 2 GB data plan for the remaining term of the contract (18 months). The unlimited talk and 2 GB data plan is priced at $55 per month. The $55 per month is Loud’s current stand-alone price for this plan that is available to all customers. On July 1, the contract receivable has a remaining balance of ____ As a result, the entity has ___ to allocate to the remaining 18 months of service, or ____ per month. Required: 1. How should Loud account for this…On August 2, Jun Co. receives a $7,500, 90-day, 14.0% note from customer Ryan Albany as payment on his $7,500 account. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Round your answers to nearest whole dollar value. Use 360 days a year.)
- On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk and 5 GB data wireless plan for $65 per month. The contract includes a smartphone for which the customer pays $299. Loud also sells the smartphone and monthly service plan separately, charging $649 for the smartphone and $65 for the monthly service for the unlimited talk and 5 GB data wireless plan. Required: 1. Calculate the transaction price for the smartphone and unlimited talk and 5 GB data wireless plan assuming that Loud allocates consideration based on stand-alone prices.2. Record the initial journal entry for Loud Company’s sale of a 2-year contract on January 1, 2019, and the monthly journal entry.On February 12, 2020, Guy Sebastian Gardening Services enters into a contract with a local business to provide a weekly grass cutting services between May 1 and September 30 of that year, and received P2,000 in advance. As part of a local business promotion, Guy Sebastian offers a 50% discount on any gardening tools it also sells with a list price in excess of P200. In the past, Guy Sebastian charged the same amount (P2,000) for the same weekly grass cutting service, but without the gardening tool discount coupon. Based on historical experience with other clients, Guy estimates that about 40% of the coupons will be redeemed, purchasing tools with an average total list price of P400. Guy prepares its annual financial statement every June He has performed the needed grass cutting services needed for the current fiscal year. How much revenue (rounded to the nearest peso) should Guy Sebastian recognize in its June 30, 2020 income statement arising from the above contract?Aron and Nora Company grant all employees 2 weeks paid vacation for each full year of employment. Unused vacation time can be accumulated and carried forward to succeeding years and paid when vacations are taken or upon termination of employment. No employees resigned during the year.The following information is also available: Liability for accumulated vacations on January 1, 2020: 400,000 Pre-2020 accrued vacations used during January 1 – September 30, 2020 250,000 Vacations earned during 2019 based on current rate 300,000 The entity granted a 10% salary increase to all employees on October 1, 2020. What amount should be reported as vacation pay expense for the year ended December 31, 2020?