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a_sh-v [17]
3 years ago
12

Mercury Company sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of

each​ month, the company makes an adjusting entry to account for the tickets used during the month​ (ticket revenue.) On March​ 1, the Unearned Revenue account had a credit balance of​ $5,000. During​ March, Mercury sold 500 tickets at​ $40 each, and 450 tickets were used during the month. What is the balance in Unearned Revenue at the end of​ March?
Business
1 answer:
sattari [20]3 years ago
8 0

Answer:I did the calculations and i believe i got it right.

Explanation:

Mercury sold 500 tickets at $40 a piece, okay, still with me, good. Yet, only 450 tickets were used during the month. What that mean is to minus 50 tickets. 50 multiplied by $40 is $2000. 500 multiplied by $40 equals to $20000. $20000 minus $2000 is equaled to $18000. They also had a Unearned Revenue account that had a credit balance of $5000. So, that means they should be in "debt." They should have $-15000. Add $2000, it is equaled to $-13000. So it should be $-13000. If wrong, i'm sorry.

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A company is obligated to pay its creditors $6,100 at the end of the year. If the value of the company's assets equals $5,800 at
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5 0
2 years ago
Yolanda is a cash basis taxpayer with the following transactions during the year: Cash received from sale of products $66,000 Ca
riadik2000 [5.3K]

Answer:

$23,500

Explanation:

Net income is arrived at by deducting relevant expenses for the year from the gross income for the year. In this question, sales income is used to represent gross income. The net income can therefore be calculated as follows:

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Net Income = $66,000 - $40,000 - [$45,000 × (1/18)] - 0

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Therefore, net income is Yolanda's net income $23,500.

Note that [$45,000 × (1/18)] is used to calculate rent for only one which is December of the calendar year since the rent was paid for 18 months.

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