Pacific Airlines Co. awards members of its Frequent FliersClub one free round-trip ticket, anywhere on its flight system,for every 50,000 miles flown on its planes. Howwould you account for the free ticket award?
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Pacific Airlines Co. awards members of its Frequent Fliers
Club one free round-trip ticket, anywhere on its flight system,
for every 50,000 miles flown on its planes. How
would you account for the free ticket award?
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- Assume that in October you bought a $450 nonrefundable airline ticket to Telluride,Colorado, for a 5-day/4-night winter ski vacation. You now have an opportunity tobuy an airline ticket for a 5-day/4-night winter ski vacation in Stowe, Vermont, for$400 that includes a free ski lift ticket. The price of your lift ticket for the Telluridevacation would be $300. The price of a hotel room in Telluride is $180 per night. Theprice of a hotel room in Stowe is $150 per night. Which of the following costs is notrelevant in a decision of whether to proceed with the planned trip to Telluride or tochange to a trip to Stowe?a. The $450 airline ticket to Telluride.b. The $400 airline ticket to Stowe.c. The $300 lift ticket for the Telluride vacation.d. The $180 per night hotel room in Telluride.RPS co-op introduced a loyalty program in 2020. every customer who signed up would receive 3% of their total purchases as a cheque, each February for the previuos year, that could br used in sotre on any merchandise eithin the next nine months. customers could look online during the year and check their balance at any time. Laura signed up for the program in 2020. when she purchased a kayak in July for 1100. later in september she purchased a mountain bike for 2200. in March 2021 she purchased a paddle board for 2100 and used her cheque toward the purchase. A) Record the sale of Kayak and loyalty points. B)Record sale of mountain bike and loyalty points C) Record the sales of paddleboard, use of rewards points, cheque towards its purchase and the rewards points earned on sale. D) In 2020 RPS Co-op had a total pf 497,000 in sales to customers who had signed up with the loyalty program. What is the amount of liability that woudl be created by these sale?Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vail sells gift cards (lift passes) for $116,000. The gift cards are redeemable for one day of skiing during the upcoming winter season. The gift cards expire on April 1, 2025. Customers redeem gift cards of $21,600 in December, $31,600 in January, $26,600 in February, and $16,600 in March. Required: 1. to 4. Record the necessary entries in the Journal
- Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2021, Vail sells gift cards (lift passes) for $100,000. The gift cards are redeemable for one day of skiing during the upcoming winter season. The gift cards expire on April 1, 2022. Customers redeem gift cards of $20,000 in December, $30,000 in January, $25,000 in February, and $15,000 in March.Required:1. Record the sale of gift cards on October 1, 2021.2. Record the redemption of gift cards as of December 31, 2021.3. Record the redemption of gift cards in 2022 by preparing a summary entry as of March 31, 2022.4. Record the expiration (breakage) of gift cards on April 1, 2022.WaterWorld Inc. operates an aquarium and water park in Orlando, Florida. In addition to daily admission tickets, WaterWorld offers two other ticket options. First, it offers an annual pass for 600 that allows unlimited access to the aquarium and theme park for one year from the date of purchase. In addition, it offers a Summer Fun Pass that allows unlimited access to the waterpark for June, July, and August for 450. Both pass options require full payment at the time of purchase. On April 1, 2019, WaterWorld entered into a contract with a customer to purchase an annual pass. On that same date, it entered into another contract with a customer to purchase a Summer Fun Pass. Required: 1. Prepare WaterWorlds journal entries in 2019 related to the annual pass. 2. Prepare WaterWorlds journal entries related to the Summer Fun Pass.Prepare the following journal entry: A local college paid $13,800 by check for a future Bus Tour to Las Vegas for a conference next month.
- The University of Cincinnati Center for Business Analytics is an outreach center that collaborates with industry partners on applied research and continuing education in business analytics. One of the programs offered by the center is a quarterly Each symposium features three speakers on the real-world use of analytics. Each corporate member of the center (there are currently 10) receives fourteen free seats to each symposium. Nonmembers wishing to attend must pay $75 per person. Each attendee receives breakfast, lunch, and free parking. The following are the costs incurred for putting on this event: Rental cost for the auditorium: Registration Processing: Speaker Costs: Continental Breakfast: Lunch: Parking: $150 $8.50 per person 3@$800 $2,400 $4.00 per person $7.00 per person $5.00 per person (a) The Center for Business Analytics is considering a refund policy for no-shows. No refund would be given for members who do not attend, but nonmembers who do not attend will be refunded 50%…The Rink offers annual $400 memberships that entitle members to unlimited use of ice-skating facilities and locker rooms. Each new membership also entitles the member to receive ten "40% off a $5 meal" coupons that are redeemable at the Rink's snack bar. The Rink estimates that approximately 75% of the coupons will be redeemed, and that, if the coupons weren't redeemed, $5 meals still would be discounted by 8% because of ongoing promotions. Required: Calculate how much of the transaction price should be allocated to each performance obligation in the contract. Round your answer to 2 decimal places.) Transaction price Мeal ce-skating facilities and locker roomsAugust 2025. Cheyenne sells 80 gift cards at $70 per gift card and 53 of the gift cards are redeemed by year end. It is estimated that 10 of the gift cards will not be redeemed. How do you record redemption and breakage of gift cards?
- The Rink offers annual $400 memberships that entitle members to unlimited use of ice-skating facilities and locker rooms. Each new membership also entitles the member to receive ten "35% off a $5 meal" coupons that are redeemable at the Rink's snack bar. The Rink estimates that approximately 80% of the coupons will be redeemed, and that, if the coupons weren't redeemed, $5 meals still would be discounted by 5% because of ongoing promotions. Required: Calculate how much of the transaction price should be allocated to each performance obligation in the contract. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Transaction price Meal Ice-skating facilities and locker roomsThe Jefferson High School Band Booster Club has organized a raffle. The prize is a $6,000 car. Two thousand tickets to the raffle are to be sold at $1 apiece. If a person purchases four tickets, what will be the expected value of the tickets?You have been invited by friends to fly to Germany for Octoberfest next year. For international travel, you apply for a passport that costs $97 and is validfor 10 years. After you receive your passport, your travel companions decide to cancel the trip because of “insufficient funds.” You decide to also cancel your travel plans because traveling alone is no fun. Is your passport expense a sunk cost or an opportunity cost? Explain your answer.
