Appropriate journal entries for fiscal

Assignment Help Accounting Basics

Reference no: EM13766180

Taylor Marina has 300 available slips that rent for $710 per season. Payments must be made in full at the start of the boating season, April 1, 2015. Slips for the next season may be reserved if paid for by December 31, 2014. Under a new policy, if payment is made by December 31, 2014, a 5% discount is allowed. The boating season ends October 31, and the marina has a December 31 year-end. To provide cash flow for major dock repairs, the marina operator is also offering a 21% discount to slip renters who pay for the 2016 season.

For the fiscal year ended December 31, 2014, all 300 slips were rented at full price. 195 slips were reserved and paid for the 2015 boating season, and 87 slips for the 2016 boating season were reserved and paid for.

a. Prepare the appropriate journal entries for fiscal 2014.

Reference no: EM13766180

Questions Cloud

Describe your chosen architecture pattern : Describe your chosen architecture pattern. Explain why you selected the architecture of this case study. Explain how your chosen pattern could be applied to this case study.

Compare the two works fiction vs non-fiction : Compare the two works (fiction vs. non-fiction) and list the ways in which these works are alike.Contrast the two works and list the ways in which these works are different.

Respond to the markov analysis and forecasting application : Respond to the Markov Analysis and Forecasting application on pages 143-144 of the textbook. Provide answers to all three (3) questions. This is for a Staffing class (HRMG 5800 Staffing) book is titled Staffing Organizations 8th Edition by: Heneman J..

Software controls provide security for the lan-to-wan domain : The CIO has tasked you with proposing a series of hardware and software controls designed to provide security for the LAN-to-WAN domain.

Appropriate journal entries for fiscal : Prepare the appropriate journal entries for fiscal 2014.

How might a company''s mission statement affect : How might a company's mission statement affect how it does its business? How does Bass Pro Shop's mission statement affect the way it does business?"

Downfall of recent financial institutions : What ethical issues caused the downfall of recent financial institutions? What are the ripple effects of these types of ethical issues?

Write an essay on the poem fire and ice by robert frost : Write essay on the poems "Fire and Ice" by Robert Frost, "London" by William Blake, "Disillusionment of Ten O'Clock" by Wallace Stevens, "Grass" by Carl Sandburg and "The Wind" by James Stephens.

Prepare strategies to manage project resources : Analyze and develop project schedules with appropriate techniques and software tools. Prepare strategies to manage project resources to include human resources, capital equipment, and time.

User Account

All Pages