How much unearned revenue would be recorded in 2017 related to the above transactions? A. $300,000 B. $240,000 C. $0 D. $540,000
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Troy Boats and Docks has 300 available slips that rent for $1,000 per season. Payments must be made in full at the start of the boating season, April 1, 2018. Slips for the next season may be reserved if paid for by December 31, 2017. Under a new policy, if payment is made by December 31, 2017, a 10% discount is allowed. The boating season ends October 31, and the marina has a December 31 year-end. To provide cash flow for major dock repairs, the marina operator is also offering a 25% discount to slip renters who pay for the 2019 season.
For the fiscal year ended December 31, 2017, all 300 slips were rented at full price. Two hundred slips were reserved and paid for the 2018 boating season, and 80 slips for the 2019 boating season were reserved and paid for.
How much unearned revenue would be recorded in 2017 related to the above transactions?
A. |
$300,000 |
|
B. |
$240,000 |
|
C. |
$0 |
|
D. |
$540,000 |
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- Sheridan Marina has 200 available slips that rent for $800 per season. Payments must be made in full by the start of the boating season, April 1, 2024. The boating season ends October 31, and the marina has a December 31 year end. Slips for future seasons may be reserved if paid for by December 31, 2024. Under a new policy, if payment for 2025 season slips is made by December 31, 2024, a 4% discount is granted. If payment for 2026 season slips is made by December 31, 2024, renters get a 17% discount. (Sheridan hopes this promotion will provide cash flow for major dock repairs.) On December 31, 2023, all 200 slips for the 2024 season were rented at full price. On December 31, 2024, 150 slips were reserved and paid for the 2025 boating season, and 70 slips were reserved and paid for the 2026 boating season. (a) Prepare the appropriate journal entries for December 31, 2023, and December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent…Taylor Marina has 300 available slips that rent for $800 per season. Payments must be made in full by the start of the boating season, April 1, 2021. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2021. Under a new policy, if payment for 2022 season slips is made by December 31, 2021, a 5% discount is allowed. If payment for 2023 season slips is made by December 31, 2021, renters get a 20% discount (this promotion hopefully will provide cash flow for major dock repairs). On December 31, 2020, all 300 slips for the 2021 season were rented at full price. On December 31, 2021, 200 slips were reserved and paid for the 2022 boating season, and 60 slips were reserved and paid for the 2023 boating season. Instructions a. Prepare the appropriate journal entries for December 31, 2020, and December 31, 2021. b. Assume the marina operator is unsophisticated in business. Explain the…Nash Marina has 300 available slips that rent for $700 per season. Payments must be made in full by the start of the boating season, April 1, 2021. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2021. Under a new policy, if payment for 2022 season slips is made by December 31, 2021, a 5% discount is allowed. If payment for 2023 season slips is made by December 31, 2021, renters get a 20% discount (this promotion hopefully will provide cash flow for major dock repairs).On December 31, 2020, all 300 slips for the 2021 season were rented at full price. On December 31, 2021, 234 slips were reserved and paid for the 2022 boating season, and 72 slips were reserved and paid for the 2023 boating season.(a) Prepare the appropriate journal entries for December 31, 2020, and December 31, 2021. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when…
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