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Income statement
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The University of Wyoming basketball team sells season tickets worth $40 million before the basketball season starts late in the year. Assume this $40 million is debited to cash and credited to unearned ticket revenue. By the end of the year, 15 percent o
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Income statement
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Mint Electronics sells computers and provides hardware maintenance services. On April 1st, Mint sold a package deal containing a computer and a one-year unlimited maintenance/repair service for the computer at a bundle price of $1,000. If sold separately,
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Let’s examine unearned revenue and revenue recognition using an example. When I lived in Arizona I was a season ticket holder to Arizona Diamondbacks (D’backs) games. In the autumn of each year I paid
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Business
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The balance of an unearned revenue account: a. appears in the balance sheet as a component of stockholders’ equity. b. appears in the income statement along with other revenue accounts. c. appears in a separate section of the income statement for reven
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Income statement
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Golf World Publications publishes a golf magazine for women. The magazine sells for $3 a copy on the newsstand. Yearly subscriptions to the magazine cost $24 per year (12 issues). During December 2008 Golf World Publications sells 9,000 copies of the golf
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Real Weight Losers, a diet magazine, collected $480,000 in subscription revenue in May. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting.
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Business
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On May 30, Elegant Lawn Services received $1,100 cash from a customer in advance for landscaping services to be provided next month. Prepare the general journal entry to record this transaction.
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Income statement
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Ticketsales, Inc., receives $6,840,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of t
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Business
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Differentiate between Rent Receivable and Rent Payable.
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Business
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Blake Company received $890 from clients for consulting services to be performed in the next year. Prepare the journal entry to record this transaction.
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Income statement
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Season tickets for the Lame Ducks are priced at $230 and include 20 games. Revenue is recognized after each game is played. When the season began, the amount credited to Unearned Revenue from season tickets was $1,104,000. By the end of October, $772,800
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Income statement
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A company sells 12-month popular magazine subscriptions. During the month of May, the company sells $12,000 in magazines, which will start in June. The adjusting entry to record the $1,000 of subscriptions earned in June will include a debit to which acco
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Income statement
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What is deferred revenue? Provide an example.
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Income statement
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The Tennis \times (TTT) is a publisher of magazines. Its accounting policy for subscriptions follows:
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Business
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Bill, an accountant, gives Tad, a nephew, a check for 500 as a graduation present. The check was given to bill as payment for work to be done for a client. Bill, who endorses the check “without recourse,” knows that the work has not yet been done, but Tad
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Business
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Michelle operates a food truck. Indicate the amount (if any) that she can deduct as an ordinary and necessary business deduction in each of the following situations: Michelle moves her food truck be
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Business
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Master Grill Company sells outdoor grilling products, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations. Respond to the requirements related
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Business
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Southwest Airlines is paid, in advance, for its ticket sales, recognizing a deferred revenue, called air traffic liability, when it receives the cash. The liability is then converted to revenue, when
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Business
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In its 2016 annual report to shareholders, Ank-Morpork Times Inc. included the following disclosure: Revenue Recognition – Advertising revenue is recognized when advertisements are published, are br
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Business
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Close Co. sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, or three-year period. Cash receipts from contracts are credited to unearned service contract revenues. This account had a balance of
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Business
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Muggs Co. includes one coupon in each bag of dog food it sells. In return for eight coupons, customers receive a leash. The leashes cost Muggs $3 each. Muggs estimates that 45 percent of the coupons w
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Business
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Is the Wages Expense account an asset, liability, equity, revenue, or expense account? Would a debit or a credit increase its account balance?
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