WNC, MG is generally correct. Because the 99/99
Post# of 96900
Posted On: 01/10/2016 2:53:37 AM
WNC, MG is generally correct.
Because the 99/99, etc deals were done over the internet, refunds for unused prepaid services are going to be covered by the FTC. UF does not have to state its cancelation policy. The FTC covers interstate commerce. Now, if you had bought the 99/99 plan and only used 5 and then wanted to cancel UF could compute your refund based on the movies you watched and their single price. So, if 3 of the movies you watched were $10 each and the other 2 were the $5 variety, this would total $40, so your refund would be only $60.
As for the financial reporting, this is governed by GAAP (Generally Accepted Acounting Principles). Thus, when the 99/99 deals were purchased, no income is recognized. When movies are watched, $1 of gross income is recognized. If you had bought the 25/50, then $2 of gross income would be reported (recognized) for each movie watched.
Because the 99/99, etc deals were done over the internet, refunds for unused prepaid services are going to be covered by the FTC. UF does not have to state its cancelation policy. The FTC covers interstate commerce. Now, if you had bought the 99/99 plan and only used 5 and then wanted to cancel UF could compute your refund based on the movies you watched and their single price. So, if 3 of the movies you watched were $10 each and the other 2 were the $5 variety, this would total $40, so your refund would be only $60.
As for the financial reporting, this is governed by GAAP (Generally Accepted Acounting Principles). Thus, when the 99/99 deals were purchased, no income is recognized. When movies are watched, $1 of gross income is recognized. If you had bought the 25/50, then $2 of gross income would be reported (recognized) for each movie watched.
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