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 $16,600 in March. Required: 1. to 4. Record the necessary entries in the Journal
Q: Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur…
A: Lets understand the basics. Management prepares budget in order to estimate the future profit and…
Q: Required: Compute the equivalent units for materials using LIFO. Compute the equivalent units for…
A: To compute the equivalent units for materials using LIFO, we need to add together the units…
Q: Calculate interest accrued for the following notes receivable as of December 31st using the…
A: The accrued interest is the amount of interest due for payment but not paid yet. The accrued…
Q: Kingbird Manufacturing purchased a machine on January 1, 2023 for use in its factory. Kingbird paid…
A: The Capital Cost Allowance (CCA) method is a system used in Canada to calculate the tax-deductible…
Q: Should section 404 of Sarbanes–Oxley be extended to include cybersecurity?
A: Companies must set up and maintain efficient internal controls over financial reporting, according…
Q: Required: 1. & 2. By the traditional approach to measuring loss contingencies, what amount would…
A: A Liability that may or may not occur in the near future depends on the result of a specific event…
Q: The following financial information relate to Lang Industrial Systems Inc. and as a financial…
A: WN No. Particulars Amount ($) 1 Rate of Tax A) Taxable Income of 2022 196…
Q: Required information [The following information applies to the questions displayed below.] Nicole…
A: Startup cost refers to the expenses that a new business incurs before it begins generating revenue.…
Q: Q8: The following journal entry: Cash $100,000 Accumulated Depreciation $20,000 Loss on sale of…
A: When there is a loss on the sale of a fixed asset, debit cash for the amount received, debit all…
Q: A company paid $0.76 in cash dividends per share. Its earnings per share is $4.48 and its market…
A: DPS stands for "Dividends per Share," which is the total amount of dividends paid out to…
Q: The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2022. The…
A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…
Q: dividend was received on the Aspen Company stock. On November 10, 1,080.00 shares of the Aspen…
A: Journal entries refers to the entries which are made at the end of the period or year and it records…
Q: A $77 petty cash fund has petty cash on hand of $20 and receipts of $48. The journal entry to…
A: The petty cash fund is established to maintain a separate account for daily expenses so that the…
Q: Direct labor hours are estimated as 1,800 In Quarter 1; 1,900 In Quarter 2; 1,700 In Quarter 3; and…
A: MANUFACTURING OH COST Manufacturing Overhead Includes all Indirect Cost & Factory Overhead…
Q: Problem 4 MAS Company's break-even sales are P528, 000 The variable costs ratio to sales is 60%,…
A: Break Even Point :— It is the point of production where total cost is equal to total revenue. At…
Q: 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three…
A: The percentage of completion method is one of the methods used in costing for contract costing, in…
Q: Flexible Budget for Varying Levels of Activity Nashler Company has the following budgeted variable…
A: The revenue and spending variance is calculated as difference between actual results and flexible…
Q: Sheffield Corporation issued 410 shares of $10 par value common stock and 123 shares of $50 par…
A: The journal entries are prepared to keep the record of transactions on regular basis. The shares…
Q: Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur…
A: Cash collections means the amount of cash collected by the entity during a period either from the…
Q: A public limited company, Bandong Dairy Products, produces milk on its farms. As of January 1, 2023,…
A: Biological assets is one of the important component of balance sheet (assets side). It includes all…
Q: Beginning Ending Raw materials inventory $12,000 $ 8,000 Work-in-process inventory…
A: The cost of goods manufactured includes the cost of goods that are finished. The cost of goods sold…
Q: Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid…
A: Accounting journal entries are more than just numbers; they tell you…
Q: Information for Kent Corp. for the year 2021: Reconciliation of pretax accounting income and…
A: Deferred tax liability : As the name suggests it is a tax liability for the tax payer which is…
Q: What is a static planning budget? Is it useful? Why or why not? What is a flexible budget? How does…
A: In accounting, budgeting refers to the process of creating a financial plan for a specific period,…
Q: Which of the following usually results in an increase in a deferred tax asset? A) Accelerated…
A: Timing differences are generated when there is difference between financial income and taxable…
Q: Problem 6 The MIX Company sells two products, Avon and Bona. MIX sells these products at the rate of…
A: Break Even point in the Point of sales where company will incur No profit or No Loss . Its Important…
Q: Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8,…
A: Gross profit is the profit a business makes after subtracting all the costs that are related to…
Q: Minden Company is a wholesale distributor of premium European chocolates. The company's balance…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Cash budget…
Q: On December 30, 2022, Hershey Company sold a machine in exchange for a non-interest bearing note…
A: Time value of money :— According to this concept, value of money in present day is greater than the…
Q: Identifying and managing unused capacity (continuation of 12-34). Refer to the information for Scott…
A: INTRODUCTION:- This question is a continuation of problem 12-34, where Scott Company's capacity…
Q: etter Mousetraps has developed a new trap. It can go into production for an initial investment in…
A: Net Working Capital (old) 10% of Next Year Sales Net Working Capital (New) 5% of Next Year Sales…
Q: Matrix Inc. calculates cost for an equivalent unit of production using the FIFO method. Data for…
A: Equivalent units of production arises in case of process costing . In most cases,not all units are…
Q: Minnetonka Company leases an asset. Information regarding the lease: Fair value of the asset:…
A: Introduction:- Leasing is an agreement between parties in which the right to use the asset is…
Q: ABS Plastic Factory specializes in manufacturing of ABS plastic cups and uses normal costing to…
A: The weighted average method is used in process costing for determining the equivalent units for…
Q: Panagra, Inc. manufactures digital cameras. It has two departments: assembly and testing. In January…
A: The total cost of producing a product, including raw materials and operating costs, is detailed in a…
Q: Ace Delights is a corporation that sells breakfast cereal. Based on the accounts listed below, what…
A: Acount receivable or trade receivables are nothing but the current assets which shows that amount of…
Q: Prairie Electronics, located in Regina, manufactures three product lines: (1) high-end speakers, (2)…
A: The contribution margin indicates the additional revenue gained for each product sold after the…
Q: Exercise 6-12A (Algo) Determining the true cash balance, starting with the unadjusted book balance…
A: True Cash balance is the Actual cash balance. It can be calculated using bank reconciliation.
Q: How can a company's investing and financing activities impact its cash flow statement? Provide…
A: A company's investing and financing activities can have a significant impact on its cash flow…
Q: (a), determine the present value of the debt.
A: PV is the way of calculating the present value of cash flows arising in the future present value of…
Q: If a gain of $8,520 is realized in selling (for cash) office equipment having a book value of…
A: Cash flow from investing activities means the amount of cash inflows and outflows from the long-term…
Q: Cathy and Tom's Specialty Ice Cream Company operates a small production facility for the local…
A: Product cost is the cost that is direct related to the production of the product, it includes direct…
Q: Please do not provide answer in image formate thank you. Mary Company acquired a machine for…
A: Depreciation is calculated on different methods to reduce the asset value each year. the…
Q: what are the similiarities between manual accounting cycle and computer accounting cycle?
A: The accounting cycle refers to a process that is used for the acceptance, recording, and credit of…
Q: A manufacturer is developing a new board game geared towards children. To be competitive with other…
A: Here the question is asked to calculate targeted contribution margin on the product. Targeted…
Q: Joint costs are allocated because of O tax reporting requirements. O IMA requirements. O both b and…
A: Joint costs are those costs which are incurred jointly for manufacture of joint or two or more than…
Q: Kenny is an Australian resident adult individual who is a professional footballer and employee of an…
A: Assessable income is a term used in taxation and refers to the total income an individual or entity…
Q: Garden Depot is a retaller that is preparing its budget for the upcoming fiscal year. Management has…
A: Cash budget refers to the format which is used for the presentation of the movement of cash in and…
Q: Requirement 1 Requirement 2 Chapter 10: Applying Excel Data Exhibit 10-1: Standard Cost Card Direct…
A: Variance analysis is the measurement of the deviation or change between actual and intended…
Q: Roche Brothers is considering a capacity expansion of its supermarket. The landowner will build the…
A: A company's cash flow may rise or fall as a result of accepting a new project or making an…
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
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- 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.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.Assume the following scenarios.Scenario 1: During 2021, The Hubbard Group provides services of $900,000 for repair of a state highway. The company receives an initial payment of $300,000 with the balance to be received the following year.Scenario 2: Rolling Stone magazine typically charges $80 for a one-year subscription. On January 1, 2021, Herman, age 72, purchases a one-year subscription to the magazine and receives a 15% senior citizen discount.Scenario 3: During 2021, Waste Management provides services on account for $30,000. The customer pays for those services in 2022.Scenario 4: During 2021, Sysco Corporation sells grocery items to one of its customers for $260,000 on account. Cash collections on those sales are $180,000 in 2021 and $60,000 in 2022. The remaining $20,000 is written off as uncollectible in 2022.Required: For each scenario, calculate the amount of revenue to be recognized in 2021.
- The Rink offers annual $250 memberships that entitle members to unlimited use of ice-skating facilities and locker rooms. Each new membership also entitles the member to receive ten "20% 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 4% because of ongoing promotions. Required: Prepare the journal entry to recognize the sale of a new membership. Clearly identify revenue or deferred revenue associated with each performance obligation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record the entry to recognize the sale of a new membership. Note: Enter debits before credits. General Journal Debit Credit Transaction View general jour Record entry Clear entryThe Rink offers an annual $200 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. Prepare the journal entry to recognize the sale of a new membership.Clearly identify revenue or deferred associated with each field obligation.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?
- The Rink offers annual $150 memberships that entitle members to unlimited use of ice-skating facilities and locker rooms. Each new membership also entitles the member to receive ten "30% 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 6% 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 Meal Ice-skating facilities and locker roomsThe Rink offers annual $350 memberships that entitle members to unlimited use of ice-skating facilities and locker rooms. Each new membership also entitles the member to receive ten "20% 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. Meal Transaction price Ice-skating facilities and locker roomsThe 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 rooms
- Zilong Company operates a customer loyalty program. The entity grants program members loyalty points when they spend a specified amount on purchases. Program members can redeem the points for further purchases. The points have no expiry date. During 2021 the entity granted 80,000 points. Management expects that 90% of these points will be redeemed. The fair value of each loyalty point is estimated at P20. The sales during 2021 amounted to P9,000,000 including loyalty points. On December 31, 2021, 28,800 points have been redeemed in exchange for purchases. In 2022 the management revised its expectations and expects 85% of the points to be redeemed altogether. During 2022, the entity redeemed 12,000 points. What is the revenue earned from loyalty points for the year ended December 31, 2021?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?Jesse's Pool sells a special family season pass package for $500. The package allows unlimited use of the indoor pool from Oct. 1, 2023 to May 31, 2024 (8 months); the pass normally sells $400. In addition, the purchaser gets 3 towels that would normally sell for $100. And lastly the package includes 10 coupons that give 30% off purchases of food while at Jesse's Pool. It is expected that 80% of the coupons will be used, and the average purchase would be $25. Jessie sold 10 packages on 10/1/2023 giving the passes, towels and coupons to the purchasers. By the end of the year, 20 of the 100 coupons had been redeemed (Jessie records the revenue in adjusting entries). (round to the nearest $1) Instructions: Record the (1) sale of the 10 packages on Oct 1. Be sure to show your work. Work (required and graded) Identify the Performance Obligations (PO's): What value is allocated to each of these PO's? Oct 1 Entry Acct and Amount Debit Account and Amount Credit Record the adjusting entry as of…