Determine the tuition fee revenue for the period December 31. This is the first year of Happy Toddlers operation
Determine the tuition fee revenue for the period December 31. This is the first year of Happy Toddlers operation
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 37P
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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 P70,000 at the start of the school year (June). There is also an option to pay two installments of P37,000 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.
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