xercise Igo) alculate earned revenues g Blue University has a fiscal year that ends on June 30. The 2019 summer session of the university runs from June rough July 26. Total tuition paid by students for the summer session amounted to $112,000. equired: How much revenue should be reflected in the fiscal year ended June 30, 2019? Answer is complete but not entirely correct. $ 112,000 Amount of revenue

xercise Igo) alculate earned revenues g Blue University has a fiscal year that ends on June 30. The 2019 summer session of the university runs from June rough July 26. Total tuition paid by students for the summer session amounted to $112,000. equired: How much revenue should be reflected in the fiscal year ended June 30, 2019? Answer is complete but not entirely correct. $ 112,000 Amount of revenue

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 69E: Unearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1,...

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Problem 8-74APayroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: Wages earned $485,000 * Federal income taxes withheld 92,300 * All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: If required, round your answers to the nearest cent. 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Enter amounts as positive numbers. Social Security $fill in the blank a1cdad04ff8d01d_1 Medicare $fill in the blank a1cdad04ff8d01d_2 Federal unemployment $fill in the blank a1cdad04ff8d01d_3 State unemployment $fill in the blank a1cdad04ff8d01d_4 Net pay $fill in the blank a1cdad04ff8d01d_5 Prepare the journal entries to record the wages earned and the payroll taxes. If an amount box does not…
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.
Question Content Area Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $640,000. The terms of the loan are 3.1% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Question Content Area A. Compute the interest expense due each month. If required, round final answer to two decimal places. $fill in the blank a1966f06806a02f_1 Question Content Area B. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. If required, round final answers to two decimal places. If an amount box does not require an entry, leave it blank. Oct. 20 - Select - - Select - - Select - - Select - May 20 - Select - - Select - - Select - - Select - - Select - - Select -
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Accounting for Auxiliary Services Revenue For its fall semester, Lee University, a private, nonprofit university had the following transactions: 1. Lee University receives $1,600,000 prior to the start of the semester for housing and dining services to be provided over the course of the semester. Assume $1,200,000 is for housing and $400,000 is for dining. 2. Based on contracts it has for its housing and dining services, Lee University recognizes revenue in four equal installments. Record the journal entries for the initial receipt of the $1,600,000 and for the recognition of revenue in four installments.
25- Our company, which prepares its financial statements on a monthly basis, has leased its workplace on 01.08.2020 from 3.000 TL per month for 1 year. One-year rental fee and 18% VAT have been deposited into the bank account of the enterprise. Assuming that the financial statements are prepared on a monthly basis , in which account, how and in what amount is the rental income for the period January 2021-July 2021 recognized? a) 380 Revenues for the Next Months Hs .36.000 TL Creditor B) 380 Revenues for Future Months Hs. 12.000 TL Creditor NS) 380 Revenues for Future Months Hs. 12.000 TL Debt D) 480 Income for Future Years Hs. 21.000 TL Creditor TO) 480 Income for Future Years Hs. 21.000 TL Debtor
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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.
ACCY 6833 FALL 2015 QUESTION # 1: Eastern and Western Universities offer executive training courses to corporate clients. Eastern pays its instructors $5,985 per course taught. Western pays its instructors $285 per student enrolled in the class. Both universities charge executives a $370 tuition fee per course attended. Part A. Prepare income statements for Eastern and Western, assuming that 21 students attend a course. University Eastern Western Tuition revenue $ $ Total cost of instruction Net income (loss) $ $ Part B Eastern University embarks on a strategy to entice students from Western University by lowering its tuition to $200 per course. Prepare an income statement for Eastern, assuming that the university is successful and enrolls 42 students in its course. University Eastern Tuition revenue $ Total cost of instruction (fixed) Net income (loss) $ Part C. Western University embarks on a strategy to entice students from Eastern University by lowering its tuition…
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