Amazing.org is a fictitious company. Amazing.org generates revenue from three main business lines: (1) online store...
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Amazing.org is a fictitious company. Amazing.org generates revenue from three main business lines: (1) online store sales, (2) fees for services and memberships, and (3) its Amazing Web Service (AWS) cloud computing platform. $50,000 $40,000 $30,000 $20,000 $10,000 $0 Amazing.org Revenues Year 4 Year 5 Online Store Sales Fees for Services and Memberships Amazing Web Service (AWS) Year 6 Year 7 60% 50% 40% 30% 20% 10% 0% #+ableau Proportion of Revenue from Business Lines Online Store Sales Fees for Services and Memberships Amazing Web Service (AWS) Year 4 Year 7 TO Required: 1. According to the bar graph, which of the three main business lines generated the most revenue in Year 7? How much revenue did this line generate in Year 7? 2. The rocket-line graph shows the proportion of revenue contributed by the three main lines of business. According to this graph, which business line has had the greatest proportionate increase between Year 4 and Year 7? What percentage of total revenue did this line of business contribute to Amazing.org's total revenues in Year 4 and Year 7? 3. What additional information from the income statement would you require to determine the company's net profit margin in Year 7? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 According to the bar graph, which of the three main business lines generated the most revenue in Year 7? How much revenue did this line generate in Year 7? Business line that generated the most revenue in Year 7 Revenue generated in Year 7 < Required 1 Required 2 > Silver Star Mountain Resort is a ski resort northeast of Vernon in British Columbia. Besides maintaining well-groomed ski runs, the company sells lift tickets, ski lessons, and ski equipment. It operates several restaurants and rents townhouses to vacationing skiers. The following hypothetical December transactions are typical of those that occur at the resort. a. Borrowed $530,000 from the bank on December 1, signing a note payable due in six months. b. Purchased a new snowplow for $23,000 cash on December 31. c. Purchased ski supplies for $11,500 on account. d. Incurred $25,000 in routine maintenance expenses for the chairlifts; paid cash. e. Received $78,000 for season passes (beginning in the new year). f. Sold daily lift passes this month for a total of $82,000 cash. g. Received a $350 deposit on a townhouse to be rented for five days in January. h. Paid half the charges incurred on account in (c). i. Paid $18,600 in wages to employees for the month of December. Required: 1-a. Prepare journal entries for each of the above transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3456 7 8 9 Borrowed $530,000 from the bank on December 1, signing a note payable due in six months. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal 1-b. Calculate the company's preliminary net income. Preliminary net income > Amazing.org is a fictitious company. Amazing.org generates revenue from three main business lines: (1) online store sales, (2) fees for services and memberships, and (3) its Amazing Web Service (AWS) cloud computing platform. $50,000 $40,000 $30,000 $20,000 $10,000 $0 Amazing.org Revenues Year 4 Year 5 Online Store Sales Fees for Services and Memberships Amazing Web Service (AWS) Year 6 Year 7 Amazing.org is a fictitious company. Amazing.org generates revenue from three main business lines: (1) online store sales, (2) fees for services and memberships, and (3) its Amazing Web Service (AWS) cloud computing platform. $50,000 $40,000 $30,000 $20,000 $10,000 $0 Amazing.org Revenues Year 4 Year 5 Online Store Sales Fees for Services and Memberships Amazing Web Service (AWS) Year 6 Year 7 60% 50% 40% 30% 20% 10% 0% #+ableau Proportion of Revenue from Business Lines Online Store Sales Fees for Services and Memberships Amazing Web Service (AWS) Year 4 Year 7 TO 60% 50% 40% 30% 20% 10% 0% #+ableau Proportion of Revenue from Business Lines Online Store Sales Fees for Services and Memberships Amazing Web Service (AWS) Year 4 Year 7 TO Required: 1. According to the bar graph, which of the three main business lines generated the most revenue in Year 7? How much revenue did this line generate in Year 7? 2. The rocket-line graph shows the proportion of revenue contributed by the three main lines of business. According to this graph, which business line has had the greatest proportionate increase between Year 4 and Year 7? What percentage of total revenue did this line of business contribute to Amazing.org's total revenues in Year 4 and Year 7? 3. What additional information from the income statement would you require to determine the company's net profit margin in Year 7? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 According to the bar graph, which of the three main business lines generated the most revenue in Year 7? How much revenue did this line generate in Year 7? Business line that generated the most revenue in Year 7 Revenue generated in Year 7 < Required 1 Required 2 > Required: 1. According to the bar graph, which of the three main business lines generated the most revenue in Year 7? How much revenue did this line generate in Year 7? 2. The rocket-line graph shows the proportion of revenue contributed by the three main lines of business. According to this graph, which business line has had the greatest proportionate increase between Year 4 and Year 7? What percentage of total revenue did this line of business contribute to Amazing.org's total revenues in Year 4 and Year 7? 3. What additional information from the income statement would you require to determine the company's net profit margin in Year 7? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 According to the bar graph, which of the three main business lines generated the most revenue in Year 7? How much revenue did this line generate in Year 7? Business line that generated the most revenue in Year 7 Revenue generated in Year 7 < Required 1 Required 2 > Silver Star Mountain Resort is a ski resort northeast of Vernon in British Columbia. Besides maintaining well-groomed ski runs, the company sells lift tickets, ski lessons, and ski equipment. It operates several restaurants and rents townhouses to vacationing skiers. The following hypothetical December transactions are typical of those that occur at the resort. a. Borrowed $530,000 from the bank on December 1, signing a note payable due in six months. b. Purchased a new snowplow for $23,000 cash on December 31. c. Purchased ski supplies for $11,500 on account. d. Incurred $25,000 in routine maintenance expenses for the chairlifts; paid cash. e. Received $78,000 for season passes (beginning in the new year). f. Sold daily lift passes this month for a total of $82,000 cash. g. Received a $350 deposit on a townhouse to be rented for five days in January. h. Paid half the charges incurred on account in (c). i. Paid $18,600 in wages to employees for the month of December. Silver Star Mountain Resort is a ski resort northeast of Vernon in British Columbia. Besides maintaining well-groomed ski runs, the company sells lift tickets, ski lessons, and ski equipment. It operates several restaurants and rents townhouses to vacationing skiers. The following hypothetical December transactions are typical of those that occur at the resort. a. Borrowed $530,000 from the bank on December 1, signing a note payable due in six months. b. Purchased a new snowplow for $23,000 cash on December 31. c. Purchased ski supplies for $11,500 on account. d. Incurred $25,000 in routine maintenance expenses for the chairlifts; paid cash. e. Received $78,000 for season passes (beginning in the new year). f. Sold daily lift passes this month for a total of $82,000 cash. g. Received a $350 deposit on a townhouse to be rented for five days in January. h. Paid half the charges incurred on account in (c). i. Paid $18,600 in wages to employees for the month of December. Required: 1-a. Prepare journal entries for each of the above transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3456 7 8 9 Borrowed $530,000 from the bank on December 1, signing a note payable due in six months. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal 1-b. Calculate the company's preliminary net income. Preliminary net income > Required: 1-a. Prepare journal entries for each of the above transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3456 7 8 9 Borrowed $530,000 from the bank on December 1, signing a note payable due in six months. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal 1-b. Calculate the company's preliminary net income. Preliminary net income >
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a Journal Entries for Transactions 1 CashDebit530000 Notes Payab... View the full answer
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: ?978-0073379609
15th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
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