Posa Hotels, Inc., has a sixth night free policy. Every sixth night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay, on average the number of free nights redeemed is 70% of the maximum possible number of free nights available one obtains by dividing the total number of paid nights the hotel has had by 5. Rooms at Posa Hotels cost $300 per night. In 2019, Posa had a total of 100,000 paid room-nights and collected a total of $30 million from customers. Also in 2019, customers redeemed a total of 10,000 free room-nights. Some of the room-nights awarded were based on customers paid nights from previous years and some were based on paid nights from the current year. Required: Prepare journal entries to record revenue for 2019 for Posa. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet

Posa Hotels, Inc., has a sixth night free policy. Every sixth night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay, on average the number of free nights redeemed is 70% of the maximum possible number of free nights available one obtains by dividing the total number of paid nights the hotel has had by 5. Rooms at Posa Hotels cost $300 per night. In 2019, Posa had a total of 100,000 paid room-nights and collected a total of $30 million from customers. Also in 2019, customers redeemed a total of 10,000 free room-nights. Some of the room-nights awarded were based on customers paid nights from previous years and some were based on paid nights from the current year. Required: Prepare journal entries to record revenue for 2019 for Posa. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Posa Hotels, Inc., has a sixth-night-free policy. Every sixth night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay, on average the number of free nights redeemed is 70% of the maximum possible number of free nights available one obtains by dividing the total number of paid nights the hotel has had by 5. Rooms at Posa Hotels cost $300 per night. In 20X1, Posa had a total of 100,000 paid room-nights and collected a total of $30 million from customers. Also in 20X1, customers redeemed a total of 10,000 free room-nights. Some of the room-nights awarded were based on customers’ paid nights from previous years and some were based on paid nights from the current year. Required: Prepare journal entries to record revenue for 20X1 for Posa
Posa Hotels, Inc., has a sixth night free policy. Every sixth night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay, on average the number of free nights redeemed is 70% of the maximum possible number of free nights available one obtains by dividing the total number of paid nights the hotel has had by 5. Rooms at Posa Hotels cost $300 per night. In 2019, Posa had a total of 100,000 paid room-nights and collected a total of $30 million from customers. Also in 2019, customers redeemed a total of 10,000 free room-nights. Some of the room-nights awarded were based on customers paid nights from previous years and some were based on paid nights from the current year. Required: Prepare journal entries to record revenue for 2019 for Posa. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar…
Posa Hotels, Inc., has a sixth-night-free policy. Every sixth night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay, on average the number of free nights redeemed is 70% of the maximum possible number of free nights available one obtains by dividing the total number of paid nights the hotel has had by 5. Rooms at Posa Hotels cost $300 per night. In 20X1, Posa had a total of 100,000 paid room-nights and collected a total of $30 million from customers. Also in 20X1, customers redeemed a total of 10,000 free room-nights. Some of the room-nights awarded were based on customers' paid nights from previous years and some were based on paid nights from the current year. Required: Prepare journal entries to record revenue for 20X1 for Posa. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in dollars and not in millions of dollars. Do not round intermediate…
Posa Hotels, Inc., has a sixth-night-free policy. Every sixth night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay, on average the number of free nights redeemed is 70% of the maximum possible number of free nights available one obtains by dividing the total number of paid nights the hotel has had by 5. Rooms at Posa Hotels cost $300 per night. In 20X1, Posa had a total of 100,000 paid room-nights and collected a total of $30 million from customers. Also in 20X1, customers redeemed a total of 10,000 free room-nights. Some of the room-nights awarded were based on customers’ paid nights from previous years and some were based on paid nights from the current year. Required: Prepare journal entries to record revenue for 20X1 for Posa. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in dollars and not in millions of dollars. Do not round…
Posa Hotels, Inc., has a sixth-night-free policy. Every sixth night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay, on average the number of free nights redeemed is 70% of the maximum possible number of free nights available one obtains by dividing the total number of paid nights the hotel has had by 5. Rooms at Posa Hotels cost $300 per night. In 20X1, Posa had a total of 100,000 paid room-nights and collected a total of $30 million from customers. Also in 20X1, customers redeemed a total of 10,000 free room-nights. Some of the room-nights awarded were based on customers’ paid nights from previous years and some were based on paid nights from the current year. Required: Prepare journal entries to record revenue for 20X1 for Posa. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in dollars and not in millions of dollars. Do not round…
Posa Hotels, Inc., has a sixth-night-free policy. Every sixth night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay, on average the number of free nights redeemed is 70% of the maximum possible number of free nights available one obtains by dividing the total number of paid nights the hotel has had by 5. Rooms at Posa Hotels cost $300 per night. In 20X1, Posa had a total of 100,000 paid room-nights and collected a total of $30 million from customers. Also in 20X1, customers redeemed a total of 10,000 free room-nights. Some of the room-nights awarded were based on customers’ paid nights from previous years and some were based on paid nights from the current year. Required: Prepare journal entries to record revenue for 20X1 for Posa. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in dollars and not in millions of dollars. Do not round…
Rookie Cookies wants to rent a new bakery space to operate their business at $10,000 a year for the next 5 years. The rent agreement specifies that a $4,000 security deposit needs to be paid by Rookie up-front. In year 4 of the rental agreement, a one-time machinery maintenance fee of $6,000 will need to be paid by Rookie. When the rental agreement expires, Rookie feels they cam sell the machinery they maintained during the rental agreement for $7,000. Assuming a 10% ra of return, what is the present value (or cost) of the bakery space rental decision? Present Value of a $1 Present Value of an Annuity of $1 Period 10% Period 10% 0.909 1 0.909 2 0.826 0.751 0.683 0.621 3 345 O-$50,355 O-$41,297 O-$41,661 O-$18,655 2 3 45 1.736 2.487 3.170 3.791
Mr. Owen is buying a new washer/dryer for $2459 at Home Depot. There is 7.5% sales tax added to his purchase. He plans to charge this to his Home Depot credit card, which earns 19.5% APR. He wants to pay $245 per month to the credit card. Fill in the amortization table to calculate how long it will take to pay off the loan. Month Balance Interest Amt. Applied to Principal New Balance 1 $2441.39 2 $2441.39 3 $36.34 $208.66 $2027.40 4 $2027.40 $32.95 $212.05 $1815.35 8 $226.18 $932.11 $231.29 $3.76 ----
Lastly, can you show me how to do this one? 22. In 2018, XYZ, Inc. sold 2,000 beds for $50 each. The beds carry a 2-year warranty for repairs. XYZ estimates that repair costs will average 3% of the total selling price. What amount would be recorded in the warranty liability account as a result of selling the beds during 2018? Assets = Liabilities + Stockholders’ Equity Revenues – Expenses = Net Income
Peter and Abby Gunderson are planning to get away for a weekend in New York City. The hotel is offering a special weekend rate of $77.75 per night, with double occupancy. The hotel has a minimum two-night stay and includes a $50 credit toward their dinner at the hotel restaurant. Also included in the package is a $3.50 credit per person toward breakfast for two each morning. They are planning to rent a car for the trip. The rental agency charges $19.15 a day with an additional charge of 34 cents a mile and $2.18 per gallon of gas used. The gas tank holds 24 gallons. From the following details, calculate the total cost of this weekend for Peter and Abby. Assume no taxes. Car rental (2 days) Beginning odometer reading 4,880 Ending odometer reading 4,900 Beginning gas tank: ¾ full The gas tank on return: ½ full (Tank holds 24 gallons.) Dinner at the hotel restaurant: $182.86 Breakfast for two: Morning #1 24.16 Morning #2 26.66
help me
Calvin Johnson has a $5,000 debt balance on his Visa card that charges 13.8 percent APR compounded monthly. In 2009, Calvin's minimum monthly payment is 2 percent of his debt balance, which is $100. How many months (round up) will it take Calvin Johnson to pay off his credit card if he pays the current minimum payment of $100 at the end of each month? In 2010, as the result of a federal mandate, the minimum monthly payment on credit cards rose to 3 percent. If Calvin made monthly payments of $150 at the end of each month, how long would it take to pay off his credit card?