Sodexo Corporation provides food services to universities. Its account balances are provided below in alphabetical order for the month ended July 31, 2018. Sodexo's Retained Earnings account balance represents the balance as of June 30, 2017. All other account balances are as of July 31, 2018. Accounts Payable 3,100 Accounts Receivable 1,400 Buildings 22,000 Cash 15,600 Commission Revenue 12,700 Common Stock 20,000 Dividends 8,000 Insurance Expense 2,200 35,000 Notes Payable, due 2020 3,300 Rent Expense 2,400 Retained Earnings, June 30, 2017 57,000 Salaries Expense 10,000 Supplies Expense 400 Land REQUIRED: Prepare the following financial statements for the period ending July 31, 2018 using proper format: a. Income Statement b. Statement of Retained Earnings c. Balance Sheet Directions: Read and respond to the following questions in the attached exercise on revenue recognition issues for Survey Monkey 1. Assume that Black Squirrel Design, Inc., signs up for the Platinum plan at Survey Monkey on December 1, 2015. The customer pays the entire $780 on March 1. How will Survey Monkey record this customer's payment? What asset and/or liability accounts are affected? sosu blackboard.com March Unted When does SurveyMonkey recognize revenue from its Platinum annual subscription plans? SurveyMonkey is an online survey company that allows its subscribers to customize and administer surveys. It recently made the news for raising another $250 million in equity funding ("SurveyMonkey is worth $2 billion after new $250 million fundraising round, Fortune, December 15, 2014.) (Note: SurveyMonkey is privately held. The founder says the company will not go public because the related costs of being a publicly-held organization are too high.) SurveyMonkey's basic services are free and include the ability to customize a survey containing a maximum 10 questions for up to 100 responses. Premium plans are also available through SurveyMonkey. Features of the Platinum SurveyMonkey plan include unlimited questions, unlimited number of responses, custom logos, and phone support. The Platinum plan costs $65 per month and is billed annually on the starting date of the plan for a total cost of $780. Questions Sodexo Corporation provides food services to universities. Its account balances are provided below in alphabetical order for the month ended July 31, 2018. Sodexo's Retained Earnings account balance represents the balance as of June 30, 2017. All other account balances are as of July 31, 2018. Accounts Payable 3,100 Accounts Receivable 1,400 Buildings 22,000 Cash 15,600 Commission Revenue 12,700 Common Stock 20,000 Dividends 8,000 Insurance Expense 2,200 35,000 Notes Payable, due 2020 3,300 Rent Expense 2,400 Retained Earnings, June 30, 2017 57,000 Salaries Expense 10,000 Supplies Expense 400 Land REQUIRED: Prepare the following financial statements for the period ending July 31, 2018 using proper format: a. Income Statement b. Statement of Retained Earnings c. Balance Sheet Directions: Read and respond to the following questions in the attached exercise on revenue recognition issues for Survey Monkey 1. Assume that Black Squirrel Design, Inc., signs up for the Platinum plan at Survey Monkey on December 1, 2015. The customer pays the entire $780 on March 1. How will Survey Monkey record this customer's payment? What asset and/or liability accounts are affected? sosu blackboard.com March Unted When does SurveyMonkey recognize revenue from its Platinum annual subscription plans? SurveyMonkey is an online survey company that allows its subscribers to customize and administer surveys. It recently made the news for raising another $250 million in equity funding ("SurveyMonkey is worth $2 billion after new $250 million fundraising round, Fortune, December 15, 2014.) (Note: SurveyMonkey is privately held. The founder says the company will not go public because the related costs of being a publicly-held organization are too high.) SurveyMonkey's basic services are free and include the ability to customize a survey containing a maximum 10 questions for up to 100 responses. Premium plans are also available through SurveyMonkey. Features of the Platinum SurveyMonkey plan include unlimited questions, unlimited number of responses, custom logos, and phone support. The Platinum plan costs $65 per month and is billed annually on the starting date of the plan for a total cost of $780. Questions