Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 8 through July 29. Total tuition paid by students for the summer session amounted to $114,000. Required: How much revenue should be reflected in the fiscal year ended June 30, 2022?

Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 8 through July 29. Total tuition paid by students for the summer session amounted to $114,000. Required: How much revenue should be reflected in the fiscal year ended June 30, 2022?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 9Q

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Concept explainers

Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.

Question

Big Blue University has a fiscal year that ends on June 30. The 2022 summer session
of the university runs from June 8 through July 29. Total tuition paid by students for
the summer session amounted to $114,000. Required: How much revenue should be
reflected in the fiscal year ended June 30, 2022?

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