User Account

All Pages

Outline the risk for the financial statements

Assignment Help Accounting Basics
Reference no: EM132727932

Sweat-astic Inc. (SI) operates an upscale fitness club offering two membership options:

One-year membership: The member makes one payment of $1,000 at the beginning of the year.

Long-term membership: The member pays a non-refundable initiation fee of $3,000 and subsequently makes monthly payments of $30 for as long as they continue to be a member. The membership can be cancelled at any time by the member, but the initiation fee is not refunded. The long-term membership has been quite successful to date, with 300 sold in 2019 and 400 more sold in 2020.

Revenue for all memberships is recognized when received. There are no separate fees for fitness classes offered at SI. SI reports under ASPE.

Required:

Problem 1: Analyze the accounting issue(s) and outline the following:

  1. risk for the financial statements
  2. account(s) and assertion(s) impacted
  3. procedure to perform

Reference no: EM132727932

Questions Cloud

Which the interest expense recorded on an interest payment : Which the interest expense recorded on an interest payment date is increased? by the amortization of premium on bonds payable.
Describe a conflict you experienced in the past : Describe a conflict you experienced in the past. Which strategies did you use to solve it? Be sure to apply the theories in the textbook (Chapter 6.2) to your.
Construct income statement with schedule show cost of goods : Construct income statement with schedule showing cost of goods manufactured and sold. Factory overhead is applied at the rate of 150% of direct labor cost.
What are the technical and personal factors : 1. What are the technical and personal factors that affect job design?
Outline the risk for the financial statements : Sweat-astic Inc. (SI) operates an upscale fitness club offering, Analyze the accounting issue(s) and outline the risk for the financial statements
Discussion on society for human resource management : Your previous contributions addressing a variety of important topics outlined in all previous assignments for this course are deemed essential in supporting.
Find the entry made by griswold brick company on january : What the entry made by Griswold Brick Company on January 1 to record the proceeds and issue of the note is? Bell Provincial Bank agrees to lend Griswold Brick
Outline the risk for the financial statements : Sweat-astic Inc. (SI) operates an upscale fitness club offering, Analyze the accounting issue(s) and outline the risk for the financial statements
Calculate the net income allocation and record journal entry : Business partners Baliva, Masi, and Romalati have a partnership agreement, Calculate the net income allocation and record the journal entry

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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