Gillespie enterprises inc. Issued $26 million in new common stock.
b. Cal state university received $20,000,000 cash for 80,000 five-game-season football tickets. None of the games have been played.
c. Cal state played the first football game referred to in (b).
d. Hall construction company signed a contract with a customer for the construction of a new $500,000 warehouse. At the signing, hall received a check for $50,000 as a deposit to be applied against amounts earned during the first phase of construction. Answer from hall's standpoint.
e. A popular snowboarding magazine company received a total of $1,800 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint. F. T-mobile sold a $100 cell phone plan for service in september to a customer who charged the sale on his credit card. Answer from the standpoint of t-mobile.

Question

29-10-2020
Business

contestada

Gillespie enterprises inc. Issued $26 million in new common stock.
b. Cal state university received $20,000,000 cash for 80,000 five-game-season football tickets. None of the games have been played.
c. Cal state played the first football game referred to in (b).
d. Hall construction company signed a contract with a customer for the construction of a new $500,000 warehouse. At the signing, hall received a check for $50,000 as a deposit to be applied against amounts earned during the first phase of construction. Answer from hall's standpoint.
e. A popular snowboarding magazine company received a total of $1,800 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint. F. T-mobile sold a $100 cell phone plan for service in september to a customer who charged the sale on his credit card. Answer from the standpoint of t-mobile.

Respuesta :

Otras preguntas

Based on the timeline, the climate in ancient times was . The climatic changes were drastic. The planet suffered from hot and cold climatic conditions. There is

Can you tell me, doctor, what a murmur is? What should be capitlized? A. Doctor B. Murmur PLZZZZZZZZZZZZZZZZ PLEASE HELP WILL GIVE BRAINLIEST!!!!!!

n 1939, Marian had an atrocious experience with the Daughters of the American Revolution (D.A.R.), who owned Constitutional Hall. After several cancellations, i

Michael owes his parents $46 and he paid them back $28. How much does he still owe?

the length of a picture frame is (8 u - 12) inches its width is 3/4 of its length. Express the width of the picture frame in terms of u. Please show steps.

What percent of the entire nation's income goes to the richest fifth of americans?

Write an equation of the line in slope-intercept form A line that passes through points (2,4) and (3,3)

A recipe for guacamole uses 12% of lime juice. If a batch contains 0.75 cup of lime juice, how large is the batch of guacamole?

According to Claudius, what was the ruin of Athens?

Tim walked 2/5 of a mile on Monday, 6/7 of a mile on Tuesday, and 2/3 of a mile on Wednesday. How far did he walk in all?

anthougo anthougo · Answer 1 · 2020-11-01T13:15:59+01:00

Question Completion:

For each of the transactions, if revenue is to be recognized in September, indicate the amount. If revenue is not to be recognized in September, explain why.

Answer:

a. The issue of $26 million in new common stock by Gillespie Enterprises, Inc. is not a revenue transaction. It is an equity transaction. Revenue cannot be recognized, but it is a Cash Inflow from financing activity that should be recognized.

b. Since none of the games had been played, Cal State University should not recognize any revenue. Revenue can only be recognized when a game has been played and some of the tickets used for the played game.

c. $4,000,000 ($20,000,000/5) should be recognized as revenue since the first football game has been played. Recall that the tickets were for 80,000 five-game-season football games.

d. From Hall Construction Company's point of records, no revenue had been earned. The deposit of $50,000 received can only be recognized as revenue when the first phase of construction had been completed.

e. The snowboard Magazine Company cannot recognize any amount out of the $1,800 as the subscriptions received are for the next fiscal year.

f. $100 should be recognized as revenue by T-mobile since the service is for September.

Explanation:

The Revenue from Contracts with Customers (IFRS 15 and ASC 606) standard indicates that revenue can only be recognized when the contract's performance obligation has been fulfilled.