Velocity Racing School is a company that trains people to drive their sports cars on a track. They are under contract with Thunderhill Raceway to train drivers on that track. They are paid $500 per student, and at the end of the month, they receive an additional $100 per student if enough of the students rate the instructors as 'excellent. They are paid on the 10th of the following month. They make adjusting entries both mid and end of month. For the month of July, they worked with 100 students in the first 15 days, and by the way things were going, they felt that there was a 40% chance of meeting the excellence threshold. During the latter half of the month, they worked with another 200 students, but by the end of the month, they felt that there was a 90% chance of meeting the excellence threshold for the month. When it was time to be paid on the 10th of the following month, it turns out that they did not meet the excellence threshold. Velocity uses expected value for variable consideration. How much revenue did they book on the 10th of the following month? If they need to reduce the revenue account, enter this as a negative number. Velocity Racing School is a company that trains people to drive their sports cars on a track. They are under contract with Thunderhill Raceway to train drivers on that track. They are paid $500 per student, and at the end of the month, they receive an additional $100 per student if enough of the students rate the instructors as 'excellent. They are paid on the 10th of the following month. They make adjusting entries both mid and end of month. For the month of July, they worked with 100 students in the first 15 days, and by the way things were going, they felt that there was a 40% chance of meeting the excellence threshold. During the latter half of the month, they worked with another 200 students, but by the end of the month, they felt that there was a 90% chance of meeting the excellence threshold for the month. When it was time to be paid on the 10th of the following month, it turns out that they did not meet the excellence threshold. Velocity uses expected value for variable consideration. How much revenue did they book on the 15th? If they need to reduce the revenue account, enter this as a negative number. Velocity Racing School is a company that trains people to drive their sports cars on a track. They are under contract with Thunderhill Raceway to train drivers on that track. They are paid $500 per student, and at the end of the month, they receive an additional $100 per student if enough of the students rate the instructors as 'excellent. They are paid on the 10th of the following month. They make adjusting entries both mid and end of month. For the month of July, they worked with 100 students in the first 15 days, and by the way things were going, they felt that there was a 40% chance of meeting the excellence threshold. During the latter half of the month, they worked with another 200 students, but by the end of the month, they felt that there was a 90% chance of meeting the excellence threshold for the month. When it was time to be paid on the 10th of the following month, it turns out that they did not meet the excellence threshold. Velocity uses expected value for variable consideration. How much revenue did they book on the 31st? If they need to reduce the revenue account, enter this as a negative number. 118,000
