What are the new reporting and disclosure requirements for revenue recognition? Why is revenue recognition a Big Deal?

6) Unearned revenue is classified as

a. an asset account.

b.   a revenue account.

c. a contra-revenue account.

d.   a liability account.

7) Which of the following would not result in unearned revenue?

a. Rent collected in advance from tenants

b.   Services performed on account

c. Sale of season tickets to football games

d.   Sale of two-year magazine subscriptions

8) If an adjusting entry is not made for an accrued expense,

a. expenses will be overstated.

b.   liabilities will be understated.

c. net income will be understated.

d.   owner’s equity will be understated.

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.

1. Issued 37,000 shares of common stock in exchange for $370,000 in cash.
2. Purchased equipment at a cost of $47,000. $13,500 cash was paid and a notes payable to the seller was signed for the balance owed.
3. Purchased inventory on account at a cost of $92,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $155,000. The cost of the goods sold was $77,000.
5. Paid $5,700 in rent on the warehouse building for the month of March.
6. Paid $6,700 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
7. Paid $77,000 on account for the merchandise purchased in 3.
8. Collected $62,000 from customers on account.
9. Recorded depreciation expense of $1,700 for the month on the equipment.

Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts is zero.

Topic: Choose a company which are you are starting, and a main product or service that you are focusing on marketing.

1.Introduction to your company and main productor service you are marketing

2.Creating and Capturing Customer Value

3.Company and Marketing Strategy

4.Analyzing the Marketing Environment

5.Managing Marketing Information to Gain Customer Insights

6.Understanding Consumer and Business Buying Behavior

7.Customer-Driven Marketing Strategy

8.Products, Services, and Brands

9.New Product development

10.Pricing

11.Marketing Channels

12.Engaging Customers

13.Direct, Online, Social Media, and Mobile

14.Sustainable Marketing, Social Responsibility

15.Conclusion –the finished product should like something you would present at work.

Use your creativity and design choices to make it look visually appealing.

1. Download the EXCEL file: Access Exercise Tables 2. Open a new blank database in ACCESS and name it “Exercise-Your Name” where you replace Your Name with your name. 3. Import each worksheet in the EXCEL file into ACCESS as a separate table as follows: a. External Data Tab -> Import Excel icon b. In the dialog box browse for the destination of the excel file you saved in step 1, it should default to “import the source data in to a new table in the current database”. Click OK. c. A wizard will start, so step through the screens for each worksheet i. Select the specific worksheet to import, click Next. ii. Check the box “First row contains headings”, click Next. iii. Do not modify field in the wizard, click Next. iv. Choose No Primary Key (we will do this later), click Next. v. Save the table as the name of the tab of worksheet, click Finish. d. Repeat for all four worksheets 4. Open each table in design view a. Select the appropriate key field and create a primary key (highlight the correct field name and then click on the little key icon on the toolbar) b. For the tblSales-Inventory, be sure to select both the Invoice Number and Item Number as the primary key (click on one, then hold down the CTRL key while clicking on the second to highlight both. Then, click the key icon. 5. On the Database Tools tab go to the RELATIONSHIPS screen (click on the icon that looks like a little REA diagram) a. In the Show Table dialog box, click on each table to highlight them all, then click Add, the Close. b. Move the tables around to reflect an REA diagram. c. Link the tables by dragging a primary key from one table to the corresponding foreign key in the other table. A line should appear between the two tables. d. Close the table tabs by right clicking on them across the top, leave the relationship screen open. e. Double-click on the line and when the dialog box appears, click on Enforce Referential Integrity f. Save the Relationships after you have all four tables linked like you would with an REA diagram (if you turned the relationship Sales-Inventory into an entity). tblCustomer links to tblSales links to tblSales-Inventory links to tblInventory. g. Print the Relationship Report. 6. Click on the Create Tab. Click the Query Wizard icon. a. In the wizard’s first screen, first select simple query wizard, click OK. b. Select tblSales from the drop down menu and select all the attributes for tblSales using the >> button; then, select tblSales-Inventory and select all the attributes except the Invoice Number, using the > button, click Next. c. Select Detail query on the next wizard screen d. Continue through the wizard to display the query. e. Print the results.

(1) How do Loews's training programs relate to the company's business strategy?

(2) Why does the company encourage its employees to focus on the customers' needs versus other metrics?

The Hart Theater, owned by Paul Hart, will begin operations in March. The Hart will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Hart showed No. 101 Cash $8,000, No. 140 Land $22,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $10,000, No. 157 Equipment $8,000, No. 201 Accounts Payable $6,000, and No. 311 Common Stock $42,000. During the month of March, the following events and transactions occurred.

Mar. 2     Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The film rental was $3,500; $1,000 was paid in cash and $2,500 will be paid on March 10.

         3     Ordered the Lord of the Rings movies to be shown the last 10 days of March. It will cost $260 per night.

         9     Received $4,000 cash from admissions.

         10     Paid balance due on Indiana Jones movies rental and $900 on March 1 accounts payable.

         11     Hart Theater contracted with D. Sarazan to operate the concession stand. Sarazan is to pay 15% of gross concession receipts (payable monthly) for the right to operate the concession stand.

         12     Paid advertising expenses $450.

         20     Received $5,400 cash from customers for admissions.

         20     Received the Lord of Rings movies and paid the rental fee of $2,600.

         31     Paid salaries of $2,500.

         31     Received statement from D. Sarazan showing gross receipts from concessions of $5,000 and the balance due to Hart Theater of $750 ($5,000 3 15%) for March. Sarazan paid one-half the balance due and will remit the remainder on April 5.

         31     Received $9,000 cash from customers for admissions.

In addition to the accounts identified above, the chart of accounts includes No. 112 Accounts Receivable, No. 400 Service Revenue, No. 429 Rent Revenue, No. 610 Advertising Expense, No. 729 Rent Expense, and No. 726 Salaries and Wages Expense.

Instructions

(a) Enter the beginning balances in the ledger. Insert a check mark (ü) in the reference column of the ledger for the beginning balance.

(b) Journalize the March transactions.

(c) Post the March journal entries to the ledger. Assume that all entries are posted from page 1 of the journal.

(d) Prepare a trial balance on March 31, 2019.

Consider a drug testing company that provides a test for marijuana usage. Among 253 tested​ subjects, results from 27 subjects were wrong​ (either a false positive or a false​ negative). Use a 0.10 significance level to test the claim that less than 10 percent of the test results are wrong.

Identify the test statistic for this hypothesis test.

1.The sale of a long−term investment would appear on a cash flow statement as​ a:

A.cash outflow in the investing activities section

B.cash inflow in the financing activities section

C.cash inflow in the operating activities section

D.cash inflow in the investing activities section

2.On March​ 1, 2017, Uncontracted Capacity Company​ (UCC) purchased​ $20,000 of Utility Service​ Corporation's 9% bonds at a purchase price of 90. Uncontracted Capacity​ Company, whose year end is December​ 31, expects to hold the bonds until their maturity date 5 years from the date of purchase. Interest on the bonds will be paid every March 1 and September 1 until maturity. Assuming that UCC is a private corporation that elects to amortize premium or discounts using straight−line ​amortization, how much total interest revenue will be recorded by UCC on September​ 1, 2017?

A.$1,200

B.​$900

C.$1,100

D.$800

3.When a premium on a bond investment is amortized by the company holding the​ investment:

A.the amount of cash received as an interest payment will be reduced

B.companies normally credit a separate account called Premium on Investments

C.Interest Revenue will be debited

D.the amount of cash received as an interest payment will be increased