Answer:
Waldman Associates
Waldman does not have a contract for purposes of revenue recognition on the day the contract is received.
Explanation:
Revenue from contracts with customers becomes recognizable after the performance of the obligations and not before. Revenue is recognized when the contractor has transferred the benefits to the beneficiary and not before. Revenue, in this instance, is to be recognized based on past performance. According to IFRS 15 and ASC 606, revenue is recognized when each performance obligation has been fully satisfied. This is the point when economic benefit has been conferred on the other contracting party.
Answer:
$3,000 F
Explanation:
Note that an activity variance is the difference between a revenue or cost item in the flexible budget and the same item in the static planning budget, and can also be the difference in the actual level of activity used in the flexible budget and the level of activity assumed in the planning budget.
In budgeting activity variance is divided into two types;
- When actual results are better than expected results the given variance is described as favorable variance. In common use favorable variance is denoted by the letter F - usually in parentheses (F).
- When actual results are worse than expected results given variance is described as adverse variance, or unfavorable variance. In common use adverse variance is denoted by the letter U or the letter A - usually in parentheses (A).
In the case of Wisseman Corporation the activity variance for total expenses for September would have been closest to $3,000 F.
Answer:
$320,000
Explanation:
Since the season starts in January and lasts until June, by April 30 the balance of the deferred revenue (or unearned revenue account) would be = $960,000 - {($960,000 / 6) x 4} = $960,000 - $640,000 = $320,000
The journal entries should be:
Accumulated tickets until December 31
Dr Cash 960,000
Cr Deferred (Unearned) revenue 960,000
By April 30th, the adjusting entry should be:
Dr Deferred (Unearned) revenue 640,000
Cr Ticket revenue 640,000
Answer:
I prepared an amortization schedule using an excel spreadsheet. The original monthly payment was $836.44. After the 120th payment, the remaining principal balance was $68,940.64. Since she didn't pay anything for 1 year, the new principal balance will be $68,940.64 x (1 + 8%) = $74,455.89
I prepared another amortization schedule for the remaining 9 years, and the monthly payment is $969.32. She will pay off the loan in 108 months.
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