Following is the assets, liabilities and stockholder's equity :-
Date | assets | amount | liabilities | amount | stockholder's equity | amount |
August 31. | Cash | $1320 ($165x8) | unearned income | $1320 | ||
September 11 . | Cash | $3225 ($15x215) | Service revenue | $3225 | ||
September 13. | Supplies | $280 | accounts payable | $280 | ||
September 15 . | Cash | ($2300) | Salaries | ($2300) | ||
September 25. | Cash | $5430 ($15x362) | Service revenue | $5430 | ||
September 26 . | Accounts receivable | $215 | Accrued income | $215 | ||
September 27 . | Cash | ($380) | ||||
Prepaid advertising exp | $380 | |||||
September 29. | Cash | $215 | ||||
Accounts receivable | ($215) | |||||
September 30. | Outstanding electricity exp | $330 | Electricity charges | ($330) |
The following information applies to the questions displayed below Lakewood Tennis Club (LTC) operates an indoor...
ps:/ Saved The following information applies to the questions displayed below] Lakewood Tennis Club (LTC) operates an indoor tennis facility. The company charges a $165 annual membership fee plus a member rental rate of $15 per court per hour. LTC's fiscal year-end is August 31. LTC's revenue recognition policy is described in its financial statement notes as follows: Revenue Recognition-LTC generates revenue from two sources. Annual membership fees arise from providing 12 months of services to members, so they are...
Lakewood Tennis Club (LTC) operates an indoor tennis facility. The company charges a $120 annual membership fee plus a member rental rate of $22 per court per hour. LTC's fiscal year-end is August 31. LTC's revenue recognition policy is described in its financial statement notes as follows: Revenue Recognition-LTC generates revenue from two sources. Annual membership fees arise from providing 12 months of services to members, so they are reported as membership revenue each month as these services are provided....
Lakewood Tennis Club (LTC) operates an indoor tennis facility. The company charges a $120 annual membership fee plus a member rental rate of $22 per court per hour. LTC's fiscal year-end is August 31. LTC's revenue recognition policy is described in its financial statement notes as follows: Revenue Recognition-LTC generates revenue from two sources. Annual membership fees arise from providing 12 months of services to members, so they are reported as membership revenue each month as these services are provided....
mework Saved Help Save & Ext Chec Required information (The following information applies to the questions displayed below.) Lakewood Tennis Club (LTC) operates an indoor tennis facility. The company charges a $150 annual membership fee plus a member rental rate of $20 per court per hour. LTC's fiscal year-end is August 31, LTC's revenue recognition policy is described in its financial statement notes as follows: Revenue Recognition—LTC generates revenue from two sources. Annual membership fees arise from providing 12 months...
City Racquetball Club (CRC) offers racquetball and other physical fitness facilities to its members. There are four of these clubs in the metropolitan area. Each club has between 1,800 and 2,500 members. Revenue is derived from annual membership fees and hourly court fees. The annual membership fees are as follows: Individual............................................................................................. $ 40 Student................................................................................................ 25 Family.................................................................................................. 95 The hourly court fees vary from $6 to $10 depending upon the season and the time of day (prime versus nonprime time). The...
Required information [The following information applies to the questions displayed below.] On September 1, Pat Hopkins established Ona Cloud Corporation (OCC) as a provider of cloud computing services. Pat contributed $12,000 for 1,200 shares of OCC. On September 8, OCC borrowed $24,500 from a bank, promising to repay the bank in two years. On September 10, OCC wrote a check for $27,500 to acquire computer equipment. On September 15, OCC received $2,250 of supplies purchased on account and, on September...
Required information [The following information applies to the questions displayed below.] The Tennis Times (TTT) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TTT (a) collected $420 million in 2018 for magazines that will be distributed later in 2018 and 2019, (b) provided $204 million of services on these subscriptions in 2018, and (c) provided $216...
requreu uHUmen (The following information applies to the questions displayed below) The Tennis Times (TTT) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our nagazine subscription services are deferred initially and later recognired as revenue as subscription services are provided. Assume TTT (a) collected $420 million in 2018 for magazines that will be distributed later in 2018 and 2019, (b) provided $204 million of services on these subscriptions in 2018, and (d) provided $216...
Required information The following information applies to the questions displayed below.] Nation's Capital Fitness, Inc. operates a chain of fitness centers in the Washington, D.C, area. The fim's controller is accumulating data to be used in preparing its annual profit plan for the coming year. The cost behavior pattem of the firm's equipment maintenance costs must be determined. The accounting staff has suggested the use of the high-low method develop an equation, in the form of Y - a +...
Required information The following information applies to the questions displayed below.) Maria Chavez owns a catering company that serves food and beverages at parties and business functions. Chavez's business is seasonal, with a heavy schedule during the summer months and holidays and a lighter schedule at other times. One of the major events Chavez's customers request is a cocktail party. She offers a standard cocktail party and has estimated the cost per guest as follows: Food and beverages Labor (0.5...