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Kitty [74]
3 years ago
11

A local theater company sells 1,500 season ticket packages at a price of $250 per package. The first show in the 10-show season

starts this week. (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show.
Business
1 answer:
swat323 years ago
4 0

Answer:

Dr cash    $375,000

Cr unearned revenue      $375,000

Dr unearned revenue     $37,500

Cr revenue                                    $37,500

Explanation:

The total amount realized from the sale of tickets is  $375,000($250*1500)

However,the cash proceeds should be debited to cash while it is also credited to unearned revenue

The revenue from fulfilling the performance obligation=1/10*$375,000=$37,500

The $37,500 is debited to unearned revenue and credited to sales revenue as that amount has now been earned

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The first item appearing on the statement of owner's equity is Select one: a. net income b. the ending balance of owner's equity
nadya68 [22]

Answer:

The correct answer is letter "D": the beginning balance of owner's equity.

Explanation:

The statement of owner's equity reports the changes in a company's capital balance during a certain period. Thus, the transactions that increased or decreased stakeholder's equity is portrayed in this section. In the statement of owner's equity, the income earned during the current period is added to the beginning capital balance and the owner's equity withdrawals are deducted.

<em>The statement of owner's equity shows at its head the Beginning equity balance -initial money invested in the company over a period.</em>

8 0
3 years ago
The team act was introduced in congress to explicitly outlaw labor-management committees that do not seek to negotiate collectiv
liberstina [14]
The statement above is TRUE. 
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5 0
3 years ago
On April 30, Gomez Services had an Accounts Receivable balance of $31,200. During the month of May, total credits to Accounts Re
Kazeer [188]

Answer:

What was the amount of credit sales during May? $ 60200

Explanation:

                                  April Deb         Cre           May

Account receivable 31200          66400 25000

                                31200 60200 66400 25000

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5 0
3 years ago
What is the difference between sole proprietor and partnership?
sveticcg [70]

Answer:

A sole proprietorship is a person who owns the business and is personally responsible for its debts. It is not a legal entity.

A partnership partnership shares the responsibilities, resources, and losses

Explanation:

3 0
3 years ago
The state of Indiana charges a 6% sales tax on most consumer goods. Grant purchased a generator for $400 and paid an additional
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Answer:

the correct answer is

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good luck

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3 years ago
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