Homework Answers
A. Revenue recognition principle using accrual accounting requires that revenue are recognized when realized and earned not when cash is received.so barnes and noble recognizes the membership fee revenue throughout the year based on historical sales patterns not when cash received so the correct answer is Option 'c'.
B. Membership fee is revenue so it is recorded on the income statement as revenue.so it is not recorded on the balance sheet. so option 'a' is correct.
c. Discount allowed as recorded on the income statement on debit side.so the discount is deducted from the income statement at the time the membership is received. so the option a is correct
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Question 1 Notcore varied out of 56. Assessing Financial Statement Effects of Adjustments For each of...
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he Art League is a not-for-profit organization dedicated to promoting the arts within the community. There...
he Art League is a not-for-profit organization dedicated to
promoting the arts within the community. There are two programs
conducted by the Art League: (1) exhibition and sales of members’
art (referred to as Exhibition) and (2) Community Art Education.
Activities of the Art League are conducted by a part-time
administrator, a part-time secretary-bookkeeper, and several
part-time volunteers. The volunteers greet visitors, monitor the
security of the exhibit hall, and handle the sales of art to the
public. Art on...
The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two programs conducted by the Art League: (1) exhibition and sales of members’ art (refe...
The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two programs conducted by the Art League: (1) exhibition and sales of members’ art (referred to as Exhibition) and (2) Community Art Education. Activities of the Art League are conducted by a part-time administrator, a part-time secretary-bookkeeper, and several part-time volunteers. The volunteers greet visitors, monitor the security of the exhibit hall, and handle the sales of art to the public. Art on...
Required information [The following information applies to the questions displayed below.] The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There a...
Required information [The following information applies to the
questions displayed below.]
The Art League is a not-for-profit organization dedicated to
promoting the arts within the community. There are two programs
conducted by the Art League: (1) exhibition and sales of members’
art (referred to as Exhibition) and (2) Community Art Education.
Activities of the Art League are conducted by a part-time
administrator, a part-time secretary-bookkeeper, and several
part-time volunteers. The volunteers greet visitors, monitor the
security of the exhibit hall,...
Required Information The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a...
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Analyzing Unearned Revenue Disclosures The following disclosures are from the September 2, 2007, annual report of Costco Wholesale Corporation. Revenue Recognition: Membership fee revenue represents annual membership fees paid by substantially all of the Company's members. The Company accounts for membership fee revenue on a deferred basis, whereby revenue is recognized ratably over the one-year term of the membership period. Revenue ($ millions) Net Sales Membership fees Total revenue 52 weeks ended 52 weeks ended 52 weeks ended September 2,...
Analyzing Unearned Revenue Disclosures The following disclosures are from the August 31, 2008, annual report of Costco Wholesale Corporation. Revenue Recognition: Membership fee revenue represents annual membership fees paid by substantially all of the Company's members. The Company accounts for membership fee revenue on a deferred basis, whereby revenue is recognized ratably over the one-year term of the membership period. Revenue 52 weeks ended 52 weeks ended 52 weeks ended (5 millions) August 31, 2008 September 2, 2007 September 3....
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...
Question 1 Notcore varied out of 56. Assessing Financial Statement Effects of Adjustments For each of the following separate stations, prepare the necessary accounting adjustments using the financial statement effects template ai Unrecorded depreciation on equipment is 5720 The supplies account has a balance of 53870. Supplies s avable at the end of the period total $1,100 On the date for preparing financial statements, an estimated ties expense of $430 has been incurred, but no utility bill has yet been...
he Art League is a not-for-profit organization dedicated to
promoting the arts within the community. There are two programs
conducted by the Art League: (1) exhibition and sales of members’
art (referred to as Exhibition) and (2) Community Art Education.
Activities of the Art League are conducted by a part-time
administrator, a part-time secretary-bookkeeper, and several
part-time volunteers. The volunteers greet visitors, monitor the
security of the exhibit hall, and handle the sales of art to the
public. Art on...
Required information [The following information applies to the
questions displayed below.]
The Art League is a not-for-profit organization dedicated to
promoting the arts within the community. There are two programs
conducted by the Art League: (1) exhibition and sales of members’
art (referred to as Exhibition) and (2) Community Art Education.
Activities of the Art League are conducted by a part-time
administrator, a part-time secretary-bookkeeper, and several
part-time volunteers. The volunteers greet visitors, monitor the
security of the exhibit hall,...
Required Information The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017 follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2017, follow. Additional Information...
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