Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020–2023 are as follows:

There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 25%.

Prepare the appropriate journal entries to record Alsup's 2021 income taxes, 2022 income taxes and 2023 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.)

1. Magic Mountain accounts for revenues using the contract-based approach. It operates a ski resort. Ski Season tickets are sold throughout the year, and entitle the holder to ski any day all season long. They are non-refundable. When should Magic Mountain recognize revenue for the season tickets?

a. at the time of sale

b. on the day the mountain first opens for skiing

c. throughout the ski season

d. at the end of the ski season

2. Frenzo Furniture Co. is a manufacturer of specialty furniture, and uses the contract-based approach for revenue recognition. Because each piece of furniture is custom manufactured, the company requires a contract prior to beginning the production process. Contract terms include a payment of 40% of the estimated cost of the finished piece before production begins. Frenzo Furniture Co. should record the collection as a

a. credit to sales revenue

b. credit to unearned revenue

c. credit to inventory

d. credit to cost of goods sold

Please include a brief explanation for the chosen answer for each question.

compare between the revenue and margin performance, How have gross margin, operating margin, and net income developed in relation to the fluctuations in revenue? for both companies

1)

Auto Wash Bot Ltd.

Income Statement

For the Year Ended December 31, 2015

2)

Popeye’s Muscle Wash Ltd

Income Statement

For the Year Ended December 31, 2015

*Tax rate of 15.5% used.

Please fill in the 3 blanks in the spreadsheet and then answer the two following question.

The following information is from Bluff Run Golf Courses. The company runs three courses and the July income statement for each course is as follows:

A. Find the missing value for outings revenue, wages, and operating income.

B. Rank the courses in order of profitability, using dollars.

C. Rank the courses in order of profitability, using percentages.

Please calculate operating margin % and excess margin % using the information below and explain how you arrived at your answer:

Answer Parts A,B, and C please

4)    Anton Decorators had the following selected balances in its accounts on March 1:

A. Draw these T-accounts, putting in the March 1 balances. (Hint: Accounts are expected to have positive balances.)

B. Write the journal entries for the following adjustments made on March 31. Post these entries to the T-accounts.

1. $1,500 was collected on account.

2. $800 of revenue was accrued (i.e., customers were provided services, but the customers have not yet paid).

3. There are $400 of supplies on hand.

4. $3,100 of the unearned revenue has now been earned.

5. The March 1 salary payable was fully paid.

6. Another $750 of salary is owed to employees for March. This amount has not yet been paid
6. C) Total up all of the T-accounts to show their balances at March 31.

For a firm A which is operating under Pure Competition; Under Total Revenue-Total Cost Approach;

1. Fill in the table above by calculating the Total fixed cost Average total cost, Marginal cost total revenue and the profit/loss for each level of output. Assume the price of the product P= $40.                                                                                                   
2. Indicate the level of Output where Profit is Maximized?                                        

3. What is the Maximum Profit for Firm A?                                                            

Ross Company had the following adjusted trial balance:

Additional Resources

The president of Ross Company has asked you to close the books (prepare and process the closing entries).

Required:

After the closing process has been completed, answer the following questions: