Assets |
= |
Liabilities |
+ |
Stockholders’ equity |
||||
August 31 |
Cash |
1800 |
Deferred revenue |
1800 |
||||
September 11 |
cash |
3740 |
Court Rental Revenue |
3740 |
||||
September 13 |
Supplies |
190 |
Accounts payable |
190 |
||||
September 15 |
Cash |
-1400 |
Wages expense |
-1400 |
||||
September 25 |
cash |
6930 |
Court Rental Revenue |
6930 |
||||
September 26 |
Accounts Receivable |
170 |
Court Rental Revenue |
170 |
||||
September 27 |
Prepaid advertising |
290 |
||||||
Cash |
-290 |
|||||||
September 29 |
Cash |
170 |
||||||
Accounts Receivable |
-170 |
|||||||
September 30 |
Accounts payable |
240 |
Utility expense |
-240 |
Date |
Account titles |
Debit |
Credit |
August 1 |
Cash |
1800 |
|
Deferred revenue (120*15) |
1800 |
||
September 11 |
Cash |
3740 |
|
Court Rental Revenue (170*22) |
3740 |
||
September 13 |
Supplies |
190 |
|
Accounts payable |
190 |
||
September 15 |
Wages expenses |
1400 |
|
Cash |
1400 |
||
September 25 |
Cash |
6930 |
|
Court Rental Revenue (315*22) |
6930 |
||
September 26 |
Accounts Receivable |
170 |
|
Court Rental Revenue |
170 |
||
September 27 |
Prepaid Advertising |
290 |
|
Cash |
290 |
||
September 29 |
Cash |
170 |
|
Accounts Receivable |
170 |
||
September 30 |
Utilities Expense |
240 |
|
Accounts payable |
240 |
Lakewood Tennis Club (LTC) operates an indoor tennis facility. The company charges a $120 annual membership...
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....
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 reported as...
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...
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...
Sit-up Fitness (SFC) is a new athletic facility, located in Saskatoon, Saskatchewan. SFC is owned and operated by Calvin Power, a former Olympic gold medallist in weightlifting. Calvin decided to make his pas sion his business by opening open a local gym. SFC has the following mission statement: “SFC provides the residents of Saskatoon the opportunity to live a healthier, happier, and longer life by providing affordable access to athletic equipment, aerobic classes, and specialized dieticians.” Calvin borrowed $10 million...
1. Based on the data in case Exhibits 1 and 4, is Costco’s financial performance superior to that at Sam’s Club and BJ’s Wholesale? 2. Does the data in case Exhibit 2 indicate that Costco’s expansion outside the U.S. is financially successful? Why or why not? 3. How well is Costco performing from a strategic perspective? Does Costco enjoy a competitive advantage over Sam’s Club? Over BJ’s Wholesale? If so, what is the nature of its competitive advantage? Does Costco...
Use the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal, Ledger, Worksheet and Financial Statements for the first month of operations for The Golf Club. Use the Perpetual Inventory method as discussed in class for all sales of merchandise. TRANSACTION # DATE TRANSACTION DESCRIPTION 1 Sept 1 At the beginning of September, three brothers organized The Golf Club by contributing $60,000 each to begin the new business in exchange for shares of stock. 2 Sept 2 Signed a...
Use the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal, Ledger, Worksheet and Financial Statements for the first month of operations for The Golf Club. Use the Perpetual Inventory method as discussed in class for all sales of merchandise. TRANSACTION # DATE TRANSACTION DESCRIPTION 1 Sept 1 At the beginning of September, three brothers organized The Golf Club by contributing $60,000 each to begin the new business in exchange for shares of stock. 2 Sept 2 Signed a...
Use the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal, Ledger, Worksheet and Financial Statements for the first month of operations for The Golf Club. Use the Perpetual Inventory method as discussed in class for all sales of merchandise. TRANSACTION # DATE TRANSACTION DESCRIPTION 1 Sept 1 At the beginning of September, three brothers organized The Golf Club by contributing $60,000 each to begin the new business in exchange for shares of stock. 2 Sept 2 Signed a...