Question
3. Droscoe offers 1 hour-long kite flying lessons for $25 for the hour. Customer interested in this service must make a reservation and prepay for
3. Droscoe offers 1 hour-long kite flying lessons for $25 for the hour. Customer interested in this service must make a reservation and prepay for the service in advance. Customers who do not show up for the lesson are not refunded their money and are not able to rebook the lesson. As of December 31, 2009, Droscoe had accepted reservations and payments for 150 hours of lessons for the year 2010. During 2010, Droscoe accepted reservations and payments for an additional 950 hours of lessons, of which 850 were booked for the year 2010 and the remaining 100 were booked for the year 2011. There were 25 customers who did not show up for their hour-long lessons during 2010. The remainder of the customers showed up as planned. Using FSET, What amount will be reported in the 2010 year-end financial statements for the following related to these transactions:
i) Cash Received from Customers: $_______________
ii) Revenue: $_______________
iii) Unearned Revenue: $_______________
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