User Account

All Pages

Find out the assessment opportunities

Assignment Help Financial Accounting
Reference no: EM132531878

Point 1: An entity subject to IFRS operates a fitness centre. The entity was able to sign a contract with a local hospital which has 350 employees. The contract is for the period of January 1, 2020 through December 31, 2020, and states the fitness centre will provide access to the centre and all classes for all 350 employees for that period of time.

Point 2: The contract price was $126,000. 25% was collected on signing on January 1, 2020; another 25% was due March 31, 2020; a further 25% was due June 30, 2020; and the final installment was due September 30, 2020. The fees, are non-refundable, non-cancellable, and are not dependent on the usage of the gym by the employees. Based on this, the entity credited the full $126,000 to revenue in their income statement for the year ending March 31, 2020.

Required:

Question 1: Find out the assessment opportunities and provide the solutions supported by appropriate IFRS accounting standards.

Reference no: EM132531878

Questions Cloud

What are the fundamental types of long term financing : What are the fundamental types of long term financing available to the company, feature, pros and cons of each long term financing for traditional technic
Solve the cost of ending inventory and cost of goods : At the end of the period there were 150 units left in ending inventory. Calculate the cost of Ending Inventory and Cost of Goods Sold for FIFO
COMP 1004 System Analysis and Design Concepts : COMP 1004 System Analysis and Design Concepts Assignment Help and Solution, Middle East College - Assessment Writing Service
Computer and internet security policy : Your job is to develop a very brief computer and internet security policy for the organization that covers the following areas:
Find out the assessment opportunities : An entity subject to IFRS operates fitness centre. Find out assessment opportunities and provide solutions supported by appropriate IFRS accounting standards.
Find What is the price of the treasury bond : What is the price? (expressed as a percentage of the face? value) of the Treasury? bond? What is the credit spread on the BBB? bonds?
Focused on cost volume profit analysis : During week eight we will be focused on cost volume profit analysis. We will be looking at the ways that cost, volume, and profit interact.
What amount of dividends received by common stockholders : The board of directors declares and pays a $250,000 dividend in 2015. What is the amount of dividends received by the common stockholders in 2015
Create the journal entries associated with the events : Record the journal entries associated with the events. July 16, 2018 - Declared and paid a 30 cents per share dividend on shares outstanding

Reviews

Write a Review

Financial Accounting Questions & Answers

  The creation of money and growth in the money supply

You've learned in this lesson about the important role banks play in the economy as regards to the money supply - that is, how banks create money. Why do banks take these actions which result in the creation of money and growth in the money supply?

  Evaluate the amount of net loss

Evaluate the amount of net loss that Jones can report on its income statement for the year

  Computing return on equity

Starbucks reports net income for 2015 of $2,634.4 million. Its stockholders' equity is $5,605 million and $6,151 million for 2014 and 2015, respectively.

  Report the annual depreciation and annual book value

Prepare a depreciation schedule to be used for tax purposes for a $998,400 asset with a $24,000 salvage value and a 10-year recovery period

  Discuss the expected effect on income

Discuss the expected effect on income (1) in the year that Wal-Mart makes the changes in its revenue recognition policy, and (2) in the years following the change.

  Cost-volume profit analysis

Hailstorm Company sells a single product for $22 per unit. Variable costs are $14 per unit and fixed costs are $65,000 at an operating level of 7,000 to 12,000 units. What is Hailstorm Company's break-even point in units? How many units must be sold ..

  Grant graphics records adjusting entries on an annual basis

Grant's Graphics has a December 31 year end. Grant's Graphics records adjusting entries on an annual basis.

  The loan is secured by inventory and accounts

1.You have been engaged to audit the ?nancial statements of Quinn Corporation for the year ended December 31, 2010. During the year Quinn obtained a long-term loan from a local bank. The ?nance terms are as follows: 1. The loan is secured by invento..

  Explain the risk-return relationship

Explain the risk/return relationship for the answer to question A?

  What is your overall impression of whole foods market

What is your overall impression of Whole Foods Market, Inc.'s annual report? Is it a financial accounting document or a managerial accounting document?

  Calculation of product cost of providing one evening of

calculation of product cost of providing one evening of instruction.wakefield inc. offers a cpa review course in cities

  Q1 a manufacturing company produces and sells 20000

q1. a manufacturing company produces and sells 20000 units of a single product. total products costs are 14 per

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd