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Problem - Comparing the Income Statement and the Statement of Cash Flows
On January 1, Campus Internet Connection opened for business across the street from Upper Eastern University. The company charges students a monthly fee of $20 and $1 for each hour they are online. During January, 500 students signed up for the service, and each will have until the fifth of the following month to pay the monthly fee. By the end of January, 200 students had paid the monthly fee. Student usage, payable at the time connected, was 3,000 hours during January. Assume that Campus uses the accrual basis of accounting.
Required -
1. Prepare the Revenues section of Campus's income statement for the month of January.
2. Prepare the Cash Receipts section of Campus's statement of cash flows for the month of January.
3. In addition to the Cash account, what other account will appear on Campus's balance sheet at the end of January? What amount will be in this account?
What amount of derivative asset should Parker Company recognize on December 31, 2019? On April 15, 2020, the fair value of each option is P10
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The plan was to leave $4,400 on deposit in a savings account for 12 years at 10.0% interest compounded annually. It became necessary to withdraw $1,800 at the end of the 5th year. How much will be on deposit at the end of the 12-year period? Determin..
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