Big Blue University has a fiscal year that ends on June 30. The 2010 summer session of the university runs from June 9 through July 28. Total tuition paid by students for the summer session amounted to $112,000.
How much revenue should be reflected in the fiscal year ended June 30, 2010?
You need to split this between the two fiscal years:
June 9 - June 30 = Fiscal year ended June 30
July 1 ...
Procedure and reason given.