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aliya0001 [1]
3 years ago
11

"A theater sells a subscription series that allows patrons to attend all 8 of its productions that occur monthly from October th

rough May. During August and September, the theater sold 1,000 subscriptions for the 2010-2011 season at $ 80 each and collected cash. How much revenue from these subscriptions should the theater recognize in its financial statements for the year ended December 31, 2010?"
Business
1 answer:
Troyanec [42]3 years ago
4 0

Answer:

$30,000

Explanation:

Total cash collected = 1,000 * $80 = $80,000

Revenue to recognize for 3 months (October through December) = Total cash collected * (3 / 8) = $80,000 * (3 / 8) = $80,000 * 0.3750 = $30,000.

Therefore, the theater should recognize $30,000 revenue from these subscriptions in its financial statements for the year ended December 31, 2010.

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You've decided to buy a house that is valued at $1 million. You have $350,000 to use as a down payment on the house, and want to
IRISSAK [1]

Answer:

d. 5704.02

Explanation:

Nper = 30*12 = 360

Rate = 10%/12 = 0.008333

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Using the MS Excel function:

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Monthly payment = PMT(10%/12, 360, -650000)

Monthly payment = $5,704.02

8 0
3 years ago
You are the hr consultant to a small business with about 40 employees. now the firm offers only 5 days of vacation, 5 paid holid
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6 0
3 years ago
Multiple Versus Single Overhead Rates, Activity Drivers Deoro Company has identified the following overhead activities, costs, a
WINSTONCH [101]

Answer:

Deoro Company

1. Unit cost using direct labor hours to apply overhead:

Unit Cost

Model A $167.985

Model B $226.99

2. Unit cost using the four activity drivers:

Unit Cost

Model A $133.97  

Model B $287.28

3. Activity-based costing method always produces the more accurate cost assignment.

Explanation:

a) Data and Calculations:

Activity                    Expected Cost      Activity Driver    Activity Capacity

Setting up equipment   $548,080       Number of setups          680

Ordering costs                 313,200        Number of orders     17,400

Machine costs                 939,400        Machine hours         42,700

Receiving                         343,000        Receiving hours         9,800

Total overhead costs $2,142,680

Activity Rates:

Setting up equipment   $806 per setup ($548,080/680)

Ordering costs              $18 per order ($313,200/17,400)

Machine costs              $22 per machine hour ($939,400/42,700)

Receiving                     $35 per receiving hour ($343,000/9,800)

                                    Model A            Model B

Direct materials        $600,000          $800,000

Direct labor               $480,000          $480,000

Overhead applied  $1,063,500        $1,018,200

Total costs              $2,143,500      $2,298,200

Units completed            16,000               8,000

Cost per unit                $133.97         $287.275

Direct labor hours          6,000               2,000

Number of setups             400                  200

Number of orders          6,000             12,000

Machine hours             24,000             18,000

Receiving hours             3,000               7,000

The company's normal activity is 8,000 direct labor hours.

Assignment of overhead costs:

                                        Model A                               Model B

Number of setups         $322,500 (400 * $806)    $161,200 (200 * $806)

Number of orders            108,000 (6,000 * $18)      216,000 (12,000 * $18)

Machine hours                528,000 (24,000 * $22)  396,000 (18,000 * $22)

Receiving hours               105,000 (3,000 * $35)    245,000 (7,000 * $35)

Total overhead applied $1,063,500                    $1,018,200

Overhead based on direct labor hours:

Total overhead costs = $2,143,680

Total direct labor hours = 8,000 (6,000 + 2,000)

Overhead rate per DLH = $267.96

Allocation of overhead:

                                    Model A                           Model B

Direct labor hours          6,000                            2,000

Overhead (DLH) $1,607,760 ($267.96 *6,000) $535,920 ($267.96  * 2,000)

                                    Model A            Model B

Direct materials        $600,000          $800,000

Direct labor               $480,000          $480,000

Overhead applied  $1,607,760          $535,920

Total costs             $2,687,760        $1,815,920

Units completed           16,000                8,000

Cost per unit            $167.985            $226.99

4 0
3 years ago
Pedro sells investment land on September 1, 2019. Information pertaining to the sale follows: Adjusted basis $25,000 Selling pri
bearhunter [10]

The tax consequence in 2019 is $10584 while the tax consequence from 2020 to 2023 will be $13229.

Bases on the information given, the realized gain will be:

= $90000 - $25000 - $1500

= $63500

The gross profit percentage will be:

= 63500/(90000 - 18000) × 100

= 63500/72000 × 100

= 88.19%

The tax consequence in 2019 will be:

= $12000 × 88.19% = $10584

The tax consequence in 2020 will be:

= $15000 × 88.19% = $13229

The tax consequence in 2021 will be:

= $15000 × 88.19% = $13229

The tax consequence in 2022 will be:

= $15000 × 88.19% = $13229

The tax consequence in 2023 will be:

= $15000 × 88.19% = $13229

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8 0
3 years ago
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