1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
alexdok [17]
3 years ago
5

McKinnon Enterprises owns a professional ice hockey team, the Rockford Penguins. The company sells season tickets for its upcomi

ng season and receives $960,000 cash. The season starts January 1, 2018, with five home games occurring monthly over the next six months. What is the balance in the company's deferred revenue account at the end of april 2018
Business
1 answer:
lesantik [10]3 years ago
7 0

Answer:

$320,000

Explanation:

Since the season starts in January and lasts until June, by April 30 the balance of the deferred revenue (or unearned revenue account) would be =  $960,000 - {($960,000 / 6) x 4} = $960,000 - $640,000 = $320,000

The journal entries should be:

Accumulated tickets until December 31

Dr Cash 960,000

   Cr Deferred (Unearned) revenue 960,000

By April 30th, the adjusting entry should be:

Dr Deferred (Unearned) revenue 640,000

    Cr Ticket revenue 640,000

You might be interested in
An example of foreseeable damages from a faulty repair of your car that led to an accident would be __________. your loss of a w
OLga [1]

Answer:

the cost to repair your vehicle, as well as all damage to other vehicles involved in the accident.

Explanation:

A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.

There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implies contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, etc.

A foreseeable damage can be defined as a any form of damage that the parties to a contract knew or took note of at the time when they were signing an agreement to the contract. Thus, it is the ability of an individual to reasonably anticipate the likelihood of damage or potential injury in a given circumstance such as an accident.

This ultimately implies that, foreseeable damages involves the ability of a reasonable individual to anticipate the potential results of his or her actions such as damage or injury to another person due to the refusal to repair a faulty car.

An example of foreseeable damages from a faulty repair of your car that led to an accident would be the cost to repair your vehicle, payment of hospital bill for the injured, including the damage to other vehicles that were involved in the car accident.

5 0
3 years ago
Murphy Inc., which produces a single product, has provided the following data for its most recent month of operation:
vfiekz [6]

Answer:

Part a. Compute the unit product cost under absorption costing.

Variable costs per unit:

        Direct materials                                                                         $ 165

         Direct labor                                                                                $ 72

         Variable manufacturing overhead                                            $ 8

Fixed Overheads per unit:

       Fixed manufacturing overhead ($535,500/10,500)                  $ 51

Unit product cost                                                                                $296

Part b. Compute the unit product cost under variable costing.

Variable costs per unit:

        Direct materials                                                                         $ 165

         Direct labor                                                                                $ 72

         Variable manufacturing overhead                                            $ 8

Unit product cost                                                                                $245

Explanation:

Part a. Compute the unit product cost under absorption costing.

Absorption costing treats fixed overheads as part of product cost and hence fixed manufacturing overheads are included in unit product cost at their absorption rate

Part b. Compute the unit product cost under variable costing.

Variable Costing System treats fixed overheads as a Period Cost and not part of product cost hence fixed manufacturing overheads are excluded in unit product cost

8 0
3 years ago
How many free credit reports are you legally entitled to each year
Leokris [45]
<span>One from each credit bureau per year, so in total three per year.</span>
8 0
3 years ago
If a firm is selling a search good it is more likely to
Hitman42 [59]
<span>If a firm is selling a search good, you will no doubt find them using informational advertising to promote their product because it has proven to be the most effective for this type of good. On the other hand, if they are selling an experience good, the advertising they will probably employ is persuasive advertising. Many companies have spent millions of dollars researching the best form of advertising for each product they offer for sale.</span>
3 0
3 years ago
Love Languages is introducing an improved version of its tutoring targeted to students wanting more in-depth assistance using a
Wewaii [24]

Answer: Modified product strategy

Explanation:

 The modifying product strategy is one of the important strategy in the market as it basically refers to the value adding information and also modification in the existing products.

  • The modified product strategy also known as the product life cycle where the existing products are get modified according to the new product strategy.
  • By adding various types of features and also improve the performance of the product then it known as the product modification.

Therefore, the modified product strategy are used by the company for producing various types of new products and their aim is to produce the new product in the given original target in the market.

6 0
3 years ago
Other questions:
  • What feedback would you give concerning the sourcing of this information? *
    6·1 answer
  • Grandiose Growth has a dividend growth rate of 20%. The discount rate is 15%. The end-of-year dividend will be $3 per share. Wha
    10·1 answer
  • The law firm of smith &amp; jones has a staff of 30 lawyers and administrative staff. Budgeted total costs of the firm total $4,
    5·1 answer
  • The base of an aquarium with given volume V is made of slate and the sides are made of glass. If the slate costs three times as
    5·1 answer
  • Why is the quality of services and standards of products provided by a domestic business, usually lower?
    9·2 answers
  • Suppose a financial manager buys call options on 26,000 barrels of oil with an exercise price of $111 per barrel. She simultaneo
    11·1 answer
  • Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a
    7·1 answer
  • A common advantage of a promotion is that
    14·2 answers
  • Martin's coin collection contains hundred 1960 silver dollars. Her grandparents purchased them at their face value ($50 each) in
    9·1 answer
  • Who is the latest president of America?​
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!