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Fit & Slim is a health club that offers members various gym services. F&S accounts reports.
Required:1. Assume F&S offers a deal whereby enrolling in a new membership also entitles the member to receive a voucher redeemable for 25 percent off a year's worth of premium yoga classes. A new membership costs $800, and a year's worth of premium yoga costs an additional $600. F&S estimates that approximately 40 percent of the vouchers will be redeemed. F&S offers a 10 percent discount on all courses as part of its seasonal promotion strategy.a. Identify the separate performance obligations in the new member deal.b. Allocate the contract price to the separate performance obligations.c. Prepare the journal entry to recognize revenue for the sale of a new membership. Clearly identify revenue or unearned revenue associated with each distinct performance obligation.
2. Assume F&S offers a "Fit 50" coupon book with 50 prepaid visits over the next year. F&S has learned that Fit 50 purchasers make an average of 40 visits before the coupon book expires. A customer purchases a Fit 50 book by paying $500 in advance, and for any additional visit over 50 during the year after the book is purchased, the customer can pay a $15 visitation fee. Depending on the season, F&S typically charges between$12 and $18 to nonmembers who wish to work out on a single day.a. Identify the separate performance obligations in the Fit 50 member deal.b. Allocate the contract price to the separate performance obligations.c. Prepare the journal entry to recognize revenue for the sale of a new Fit 50 book. When will F&S recognize revenue associated with people using its Fit 50 plans?
This information is for Heartland Company for the year ended December 31, 2011. Prepare the 2011 statement of cash flows for Heartland Company.
Interstate Manufacturing is considering either replacing one of its old machines with a new machine or having the old machine overhauled. Information about the two alternatives follows. Management requires a 10% rate of return on its investments. Sel..
One of your wealthy clients, Cecile, invests $100,000 for sole ownership of an electing S corporation's stock. The corporation is in the process of developing a new food product. Have the corporation borrow the $100,000 from a local bank. Cecile is r..
Prepare a tabular analysis of the September transactions beginning with August 31 balances.
The company's policy is to carry 49 percent of the following month's projected sales in ending inventory. Prepare Julian's production budget for the second quarter.
Made final cash disbursements to the partners based on the assumption that all partners other than Savannah are personally solvent - Prepare journal entries to record these liquidation transactions
Dinners-Done-Right is a very successful dinner service that delivers healthy dinners to customers in a medium-sized city. D-D-R has four locations, one on each side of town (north, south, east, and west.) In order to provide quick delivery (30 minute..
Prepare the journal entries necessary to close the temporary accounts on December 31, 2013, for Walker Spa. What is the balance in the Retained Earnings account after the closing entries are posted?
power industry select the suitable costing system and narrate the reasons for the same.northwest power produces
Average settlement period for trade receivables
The Gem Company, a sole proprietorship, provides health insurance for its owner and two employees. The cost per person is $200 per month. Explain how the Gem Company and its sole proprietor will treat this expense.
How does EVA differ from residual income? When would you advise a firm to use direct intervention to set transfer prices? What are the disadvantages of such a practice?
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