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Elena L [17]
2 years ago
5

Culver City College, a public college, has a 10-week summer session that starts on June 25, 2020, so that one week is held durin

g FY 2020 and the other nine weeks meet during FY 2021. Tuition and fees in the amount of $1,000,000 were collected from students for classes to be conducted in this session.
Required:
What amount should Culver City College recognize as unrestricted revenue in each of the years ended (FYE) June 30, 2020 and June 30, 2021?
Business
1 answer:
julia-pushkina [17]2 years ago
3 0

Based on the information given, the amount that will be recognized as unrestricted revenue in each of the years will be $100,000 and $900,000.

Unrestricted revenue simply means the donations that can be used by a company or group for purposes that meet the goals that were set aside.

From the information, the unrestricted revenue in June 30, 2020 will be:

= 10% × $1,000,000

= $100,000

The unrestricted revenue for June 30, 2021 will be:

= $1,000,000 - $100,000

= $900,000

Learn more about revenue on:

brainly.com/question/16232387

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A life insurance salesperson who takes advantage of the foot-in-the-door phenomenon would be most likely to
LiRa [457]

C. Ask customers to respond to a brief survey of their attitudes regarding insurance.

The "foot in the door" phenomenon is the tendency for people to agree to a large request if they have already previously agreed to a smaller/easier request. In this case, because the salesman has already convinced the customer to sit down and talk to him, they will be more likely to agree to do more by taking the survey.

7 0
3 years ago
Juanita makes $30 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $3
Phoenix [80]

Answer:

Juanita should purchase the suit at the store across town because the total economic cost will be lowest.

Explanation:

three options:

  1. local store 15 minutes away and a price of $114
  2. across town 30 minutes away and a price of $86
  3. neighboring city 1 hour away and a price of $60

Juanita makes $30 per hour at her work, and her purchase decision includes the opportunity cost of lost wages:

total economic cost:

  • local store = $114 + [1/4 hours x 2 (round trip) x $30] + (1/2 hours x $30 spent shopping) = $144
  • across town = $86 + [1/2 hours x 2 (round trip) x $30] + (1/2 hours x $30 spent shopping) = $131
  • neighboring city = $60 + [1 hour x 2 (round trip) x $30] + (1/2 hours x $30 spent shopping) = $135

Juanita should purchase the skirt at the store across town because the total economic cost will be lowest ($131)

Opportunity costs are the benefits lost or extra costs incurred for choosing one activity or investment over another alternative. Economic costs include both accounting costs and opportunity costs.

5 0
2 years ago
Aggie Fitness began business in College Station, TX on June 1, 2018. At that time, the company collected $6,000 in advance payme
REY [17]

Answer:

b. $2,500, $3,500

Explanation:

Amount collected in advance will be recognized as a liability until the revenue is earned. Entries are posted between the cash account and deferred revenue account on collection of cash.

Given that he company collected $6,000 in advance payments from customers for 12-month gym memberships on June 1, 2018.

Debit Cash account $6,000

Credit Unearned revenue $6,000

After 7 months ( between 1 June and 31 December 2018),

Revenue earned = 7/12 × $6,000 = $3,500

On December 31, 2018,

Debit Unearned revenue          $3,500

Credit Membership  Revenue   $3,500

Balance in unearned revenue accounts = $6,000 - $3,500 = $2,500

Balance in Membership revenue = $3,500

3 0
3 years ago
Toby operates a small deli downtown. the deli industry is monopolistically competitive. toby says he is producing the quantity t
evablogger [386]
Here is the answer that completes the statement above.
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3 years ago
The money and merchandise you owe to creditors are your ________.
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4 0
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