User Account

All Pages

What amount of sales revenue did it recognize for the year

Assignment Help Financial Accounting
Reference no: EM132959030

Question - ABC Airlines requires all customers to pay for their flight tickets in advance. Assume ABC reports a liability for Unearned Revenue of $65,000 at the beginning of fiscal year 2018. At the end of the year, the liability balance is $50,000. If ABC collected cash of $780,000 for advance ticket sales during the year, what amount of sales revenue did it recognize for the year?

a. $765,000

b. $780,000

c. $795,000

d. $730,000

Reference no: EM132959030

Questions Cloud

Calculate the ending inventory under fifo : Assuming the business maintains a periodic inventory system, calculate the ending inventory under FIFO. 11 Purchase26 units @$12
Pass the necessary adjustment entry showing the workings : Their capitals were Rs.30,000; Rs.20,000 & Rs.10,000 respectively. Pass the necessary adjustment entry showing the workings
Which of statements correctly states the effect of the error : Merchandise inventory at the end of the year was understated. Which of the following statements correctly states the effect of the error?
Determine the cost of merchandise sold for the sale of may : Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory
What amount of sales revenue did it recognize for the year : If ABC collected cash of $780,000 for advance ticket sales during the year, what amount of sales revenue did it recognize for the year
Computing basic and diluted earnings per share : Computing Basic and Diluted Earnings per Share - Zeller Corporation began 2015 with 124,000 shares of common stock
What is the default risk premium on this? bond : Petroleos Mexicanos issued a? 30-year, 7.69% coupon bond in 2020. Given this? information, what is the default risk premium on this? bond
What is the interest charge for one month : The terms of the loan offered are 8%, simple interest, and the bank uses a 360-day year for the interest calculation. What is the interest charge for 1 month?
How much bank financing is needed to eliminate the past-due : How much bank financing is needed to eliminate the past-due accounts payable? Enter your answer as a positive value. Do not round intermediate calculations.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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