Discuss when Fitness Health and Racquet Club (FHRC) should recognize revenue from membership fees, court rentals, and coupon book sales. Explain your basis.Discuss how FHRC should account for the revenues on equipment sales considering the down payments and balance due, explaining the point in time this revenue is recognized and why.When should FHRC recognize the 4% estimated cost of the guarantee of the rowing and cross-country machines and how is it classified, as COGS or a charge against sales?How should FHRC account for the internal use of the manufactured equipment inventory? How is this classified and why?Required (CONTINUED):Part II: Access the Accounting Standards Codification (ASC) to cruise through U.S. GAAP related to Revenue Recognition:You might have access to the ASC but here is our student portal:FASB/GASB Accounting standards: Link is:http://www2.aaahq.org/ascLogin.cfmStudent Access: Username – AAA53012 Password – 6yHY4eA(Please remember that this is an MSSU subscription reserved for actively enrolled students.)2. Look up and identify the references related to your handling of the foregoing case, identifying the provisionsa. Note the Section-subsection that seem to apply to your decisions.b. Note the Section that applies to the newly released standard.Is it applicable now?…Can a firm implement a new standard early, voluntarily? Explain.
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