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NISA [10]
3 years ago
14

Question 9 The Sunland, Inc. sold 9,120 season tickets at $2,100 each. By December 31, 2017, 16 of the 40 home games had been pl

ayed. What amount should be reported as a current liability at December 31, 2017? Current liability $ 5472
Business
1 answer:
MissTica3 years ago
6 0

Answer:

The current liability at December 31st 2017 is $ 11,491,200.00

Explanation:

The total amount realized from the sale of tickets is  $19,152,000.00  

($2100*9120) which is a revenue received in advance , a current liability,however only 16 out of 40 games have been played at 31st December 2017, which implies that Sunland Inc is now entitled to recognize revenue for 16 games.

The revenue for 16 games is computed below:

$19,152,000.00  *16/40=$ 7,660,800.00  

The necessary entries for this is shown below:

Dr Deferred revenue         $7,660,800.00  

Cr Sales revenue                                           $7,660,800.00

This leaves a balance of $ 11,491,200.00  ($19,152,000.00  -$7,660,800.00) in the deferred revenue account, by implication the current liability at December 31st 2017 is $ 11,491,200.00

 

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One of the disadvantages of investing in real estate is A) investors need expert help. B) pyramiding. C) equity buildup. D) leve
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There are many disadvantages of investing in real estate and one of it is A) Investors need expert help.

<h3>What is Real estate?</h3>

The investment in property is known as real estate investment. There are many investors who invests in such assets, and earn rentals and capital gains.

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8 0
1 year ago
Jackson Co. began the year with $20,000 in inventory. During the year, the company purchased $80,000 worth of inventory. At the
Irina-Kira [14]

Answer:

The total cost of goods sold  = $70,000

Explanation:

Given:

Initial inventory at the start of the year for Jackson Co. = $20,000

Total cost of purchases made during the year = $80,000

Inventory remaining at the end of the year = $30,000

Solution:

Total inventory for Jackson Co. during the year = \$20,000+\$80000= \$100,000

Inventory remaining at the end of the year = $30,000

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The total cost of goods sold  = $70,000

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Answer:

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From a consumers perspective if the good is a basic need and the consumer is paying high price for it, this can be frustrating but the consumer will have to buy it. If the commodity is not a basic need then the consumer can just stop buying that good and can substitute any other good.

Explanation:

Price gouging is charging unnecessarily high prices for goods if they are in high demand in market. From a sellers perspective its profitable because he/she is able to get more profits on a good and because the goods have a high demand the goods will eventually be sold even on a high price.

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