Answer:
The team earns $405 in revenue for each game and $2430 revenue each season. With total costs of $3300 each season, the team finishes the season with $ -870 of profit
Explanation:
TEAM EARNS $ 10 FOR EACH TICKET AND 30 PEOPLE ATTEND A GAME AND SPEND $7 ON CONCESSION STAND BUT TEAM RECEIVE ONLY $ 3.5 OUT OF THIS SO
PER CUSTOMER REVENUE OF TEAM= $13.5
TOTAL REVENUE PER GAME = 13.5 * 30= $405
FOR A SEASON OF 6 GAMES, TOTAL REVENUE= 405* 6=$2430
PROFIT = REVENUE- COST= 2430- 3300 = -870 $
THAT MEANS LOSS OF 870 $
The team earns $405 in revenue for each game and $2430 revenue each season. With total costs of $..3300...... each season, the team finishes the season with $ -870 of profit or loss of $870
Answer:
Built-in gains tax is $13,020
.
Explanation:
The built-in gains tax is one levied against an S corporation that used to be a C corporation, or received assets from a C corporation.
Here,
Gain= $80,000
Loss= $10,000
Holds= $8,000
Income= $65,000
Corporate tax= 21%
To calculate the built-in gains tax, we will need to calculate the net gain of the corporation and multiply it by the tax rate.
= Built-in-gain - built-in-loss - unexpired NOL
80,000 - 10,000 - 8,000 = 62,000
Then
62,000 x 0.21 tax rate = 13,020
= 13,020
Goodwell will recognize 3 months (Oct 1 - Dec 31) of rent revenue earned, and will reduce (debit) the unearned rent revenue for those 3 months.
2,500 x 3 months = 7,500
Journal Entry, Dec 31:
Unearned Rent Revenue: 7,500
Rent Revenue: 7,500
The new Unearned Rent Revenue Account balance will be:
12,500 - 7,500 = 5,000
