Objective EW2-1 When Bill Walters asked Cheryl Boyce, the owner of Eventfully Yours, to handle the details of his "Fifties" party, Cheryl originally proposed to do the party for $1,300. Later she agreed to do it for $1,000 After all, the $300 could easily be made up if she could book parties for some of Bill's guests. Soon after Bill's party, Jim Holder called to have Cheryl plan an office party for 100 people. Cheryl told him that her fee would be somewhere between $800 and $1,200. After meeting with Jim, Cheryl and Jim agreed that the fee would be $900. Jim's party involved much more planning work than Cheryl real- ized. She decided that she should have charged $1,100. 1. Cheryl's out-of-pocket expenses for Bill Walters' "Fifties" party were $600. Cheryl was not sure if she should record $1,300 in revenue, $900 in expenses, and a net income of $400 or record $1,000 in revenue, $600 in expenses, and a net income of $400. After all, the bottom-line figure would be the same. How much should Cheryl record on her records for revenue, expenses, and net income? Explain your answer. 2. Cheryl received $300 from Jim Holder at the time the contract was signed on February 15. On April 13, three days after the party, she sent Jim an invoice for the balance due. How much revenue should Cheryl record (a) in February and (b) in April? Explain your answer. Objective EW2-1 When Bill Walters asked Cheryl Boyce, the owner of Eventfully Yours, to handle the details of his "Fifties" party, Cheryl originally proposed to do the party for $1,300. Later she agreed to do it for $1,000 After all, the $300 could easily be made up if she could book parties for some of Bill's guests. Soon after Bill's party, Jim Holder called to have Cheryl plan an office party for 100 people. Cheryl told him that her fee would be somewhere between $800 and $1,200. After meeting with Jim, Cheryl and Jim agreed that the fee would be $900. Jim's party involved much more planning work than Cheryl real- ized. She decided that she should have charged $1,100. 1. Cheryl's out-of-pocket expenses for Bill Walters' "Fifties" party were $600. Cheryl was not sure if she should record $1,300 in revenue, $900 in expenses, and a net income of $400 or record $1,000 in revenue, $600 in expenses, and a net income of $400. After all, the bottom-line figure would be the same. How much should Cheryl record on her records for revenue, expenses, and net income? Explain your answer. 2. Cheryl received $300 from Jim Holder at the time the contract was signed on February 15. On April 13, three days after the party, she sent Jim an invoice for the balance due. How much revenue should Cheryl record (a) in February and (b) in April? Explain your