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irakobra [83]
3 years ago
14

The Denver Broncos hold a big pre-season football ticket blitz and sell $2.4 million worth of tickets for cash for the upcoming

seasons 8 home games. What is the journal entry to record these ticket sales?
Business
2 answers:
hram777 [196]3 years ago
7 0

Answer:

Debit account receivable $2.4 million; Credit Ticket Revenue $2.4 million

Explanation:

Harrizon [31]3 years ago
4 0

Answer:

Debit account receivable $2.4 million; Credit Ticket Revenue $2.4 million

Explanation:

Double entry is when a business records a debit and credit in relation to a transaction. Generally you debit the receiver and credit the giver.

In this instance sales of tickets were made by Denver Broncos of $2.4 million worth.

The sale involves receipt of cash, but it is preseason and customers have not yet received service so we debit accounts receivable for $2.4 million.

Revenue is made from the sale so we credit Ticket Revenue to recognise income made.

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Kim is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Kim is living a
Vinil7 [7]

Answer:

Explanation:

Gross income = 1070

net income = gross income - tax = 1070 - 210 = 860

payment to credit card = 128

debt payment to income ratio without college loan

= 128 / 860

= .1488

7 0
3 years ago
Check the correct category for each of the following items. Note: for purposes of this exercise, consider cash in and out for th
liraira [26]

Answer:

1. The correct category for each of the following items:

Cash In/Income:

Personal income

Business Income

Cash Out/Expense:

Cost of business trip = variable

State tax liability = fixed

Clothing purchases = variable

2. For example, your mortgage would be considered a fixed expense, because the total amount does not vary.  Conversely, grocery bills would be considered variable, because the actual amount is not fixed but varies.

Explanation:

Variable cost or expense has a fixed cost per unit, with the total amount varying, depending on the units or quantities consumed.  Fixed cost does have a fixed total amount within the relevant range, but the cost per unit varies.

7 0
3 years ago
Henrique​ Correa's bakery prepares all its cakes between 4 A.M.and 6 A.M.so they will be fresh when customers arrive.​ Day-old c
romanna [79]

Answer:

24.7215

Explanation:

Given;

Discount = 50%

Regular price, p = $8

cost of cake, c = $5

salvage value, s = 50% of $8 = $4

Mean = 20

Standard deviation, σ = 7

Now,

Underage cost, Cu = p - c

= $8 - $5

= $3

Overage cost, Co = c - s

= $5 - $4

= $1

P ≤ \frac{C_{u}}{(C_{u}+C_{o})}

P ≤  \frac{3}{(3+1)}

P ≤ 0.75

The Z value for the probability 0.75 is 0.6745

The optimal stocking level = Mean + ( z × σ )

= 20 + 0.6745 × 7

= 24.7215

7 0
3 years ago
DeMarcus has been general manager of the Surf and Turf Club restaurant for many years and always schedules extra staff for the b
Keith_Richards [23]

Answer:

illusion of control.

Explanation:

The illusion of control is the tendency for people to overestimate their ability to control events; for example, it occurs when someone feels a sense of control over outcomes that they demonstrably do not influence.

In the scenario, although Business has been consistently slow on Fridays in recent months, yet DeMarcus decides to continue with the extra staffing.

This is obviously a case of illusion because he has no control over the external business environment and there is no logical reason to continue with extra staffing.

3 0
3 years ago
Suppose you manage a convenience mart and are in charge of ordering products but do not set the price. The home office provides
lakkis [162]

Answer:

c) 10% more peanut butter on the shelves

Explanation:

Since peanut butter has a negative income elasticity of demand (-0.5) with a decrease in income, there should be an increase in the demand. This is usually true for cheaper goods or goods with low added value. The change in demand (D) is represented as follows:

D=20\% * 0 .5\\D=10\%

As a result, you should stock 10% more peanut butter on the shelves.

The answer is c).

5 0
3 years ago
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