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Question - A hospital consortium contracted with a private company to collect fees and maintain health facilities that adjoin their property. Users of the health facility can pay cash of R10 for a daily visit or they can purchase a pass. The pass has a magnetic strip that is swiped through the entrance device each time an individual enters the facility. This subtracts daily fee from the pass balance for each day used. The passes are issued for a fee of R365, which are good for 365 days. Refunds are not issued on the pass. Last year R18,650 was collected for daily visits, R438,000 of annual passes were issued, and R206,225 of pass usage was registered on the scanning equipment. How much should the company recognize as revenue for the year? Explain how the revenue recognition rule should be applied in this case?
Using the above information, use the Four-Column Proof of Cash interactive. Begin with the balances per the bank statement
inventory march 1 110 units 4.20purchase march 7 350 units 4.40purchase march 16 70 units 4.50purchase march 30 80
Barak received a gift of income producing property with an adjusted basis of $50,000 to the donor, What is Barak recognized gain or loss on the sale
Inventory with a basis of $15,000 and a FMV of $40,000. What is Brian's basis in the inventory and what is his recognized gain or loss, if any?
Question - For the current year, Zorro Trust has the following receipts and disbursements: What is the trust's net accounting income
Sometimes a retailer will not accept American Express, but will accept MasterCard or VISA. Why would a retailer accept one and not the other?
the way of doing business whose goal is to eliminate waste while satisfying the customer and providing a positive
lindex company uses a process costing system. the following data are available for one department for october percent
Pelican'W s Investment in Crustacean account for 2003 should increase by:
What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?
On March 1, 2016, E Corp. issued $1,000,000 of 10% nonconvertible bonds at 107, due on February 28, 2026. Each $1,000 bond was issued with 30 detachable stock.
Obtain soil from a nearby garden or lawn, shake it with a small amount of water, let it settle and then test the acidity of the water above the solids
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