Required 1. Assume F&S offers a deal whereby enrolling in a new membership for $1.400 provides a year of unlimited access to facilities and also entities the member to receive a voucher redeemable for 30% off yoga classes for one year. The yoga classes are offered to gym members as well as to the general public. A new membership normally sells for $1.455, and a one-year enrollment in yoga classes sells for an additional $450. F&S estimates that approximately 50% of the vouchers will be redeemed. F&S offers a 10% discount on all one- year enrollments in classes as part of its normal promotion strategy. a. & b. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have Indicated, allocate a portion of the contract price. c. Prepare the journal entry to recognize revenue for the sale of a new membership 2. Assume F&S offers a "Fit 80 coupon book with 80 prepaid visits over the next year F&S has learned that Fit 80 purchasers make an average of 70 visits before the coupon book expires. A customer purchases a Fit 80 book by paying $450 in advance, and for any additional visits over 80 during the year after the book is purchased, the customer can pay a $15 visitation fee per visit F&S typically charges $15 to nonmembers who use the facilities for a single day. a. & b. Indicate below whether each item is a separate performance obligation For each separate performance obligation you have indicated, allocate a portion of the contract price c. Prepare the journal entry to recognize revenue for the sale of a new Fit 80 book. Complete this question by entering your answers in the tabs below. Reqt and to Regic Reg 2 and 20 Reg 20 Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have indicated, allocate a portion of the contract price. Item Description Stand Alone Prices Performance obligations? Yes Yes Percentage of Total Stand Alone Prices Yoga discount voucher Gym membership Total and one price Item Description Percentage of Tots Sandalen Price Total Transaction Price Allocated Contract Price Yoga ist voucher Gym membership Tocal comerctrice Reg 1C > Required 1. Assume F&S offers a deal whereby enrolling in a new membership for $1.400 provides a year of unlimited access to facilities and also entities the member to receive a voucher redeemable for 30% off yoga classes for one year. The yoga classes are offered to gym members as well as to the general public. A new membership normally sells for $1.455, and a one-year enrollment in yoga classes sells for an additional $450. F&S estimates that approximately 50% of the vouchers will be redeemed. F&S offers a 10% discount on all one- year enrollments in classes as part of its normal promotion strategy. a. & b. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have Indicated, allocate a portion of the contract price. c. Prepare the journal entry to recognize revenue for the sale of a new membership 2. Assume F&S offers a "Fit 80 coupon book with 80 prepaid visits over the next year F&S has learned that Fit 80 purchasers make an average of 70 visits before the coupon book expires. A customer purchases a Fit 80 book by paying $450 in advance, and for any additional visits over 80 during the year after the book is purchased, the customer can pay a $15 visitation fee per visit F&S typically charges $15 to nonmembers who use the facilities for a single day. a. & b. Indicate below whether each item is a separate performance obligation For each separate performance obligation you have indicated, allocate a portion of the contract price c. Prepare the journal entry to recognize revenue for the sale of a new Fit 80 book. Complete this question by entering your answers in the tabs below. Reqt and to Regic Reg 2 and 20 Reg 20 Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have indicated, allocate a portion of the contract price. Item Description Stand Alone Prices Performance obligations? Yes Yes Percentage of Total Stand Alone Prices Yoga discount voucher Gym membership Total and one price Item Description Percentage of Tots Sandalen Price Total Transaction Price Allocated Contract Price Yoga ist voucher Gym membership Tocal comerctrice Reg 1C >
