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Sholpan [36]
3 years ago
13

AP Season tickets for the Dingos are priced at $320 and include 16 home games. An equal amount of revenue is recognized after ea

ch game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,728,000. By the end of October, $1,188,000 of the Unearned Ticket Revenue had been recognized as revenue. Journalize unearned revenue transactions. Instructions a. How many season tickets did the Dingos sell? b. How many home games had the Dingos played by the end of October? c. Prepare the entry for the initial recording of the Unearned Ticket Revenue. d. Prepare the entry to recognize the revenue after the first home game had been played.
Business
2 answers:
MissTica3 years ago
7 0

Answer:i just want the points sorrry

777dan777 [17]3 years ago
3 0

Answer:

a.

Season tickets the Dingos sold: 5,400 tickets;

b.

Home games the Dingos played by the end of October: 11 games;

c.

The entry for the initial recording of the Unearned Ticket Revenue:

Dr Cash                                            1,728,000

Cr Unearned Ticket Revenue        1,728,000

d.

The entry to recognize the revenue after the first home game had been played:

Dr  Unearned Ticket Revenue        108,000

Cr Revenue                                     108,000

Explanation:

As an equal amount of revenue is recognized after each game is played, this amount is calculated as: Total Unearned Ticket Revenue at the beginning of the season / Total number of home games = 1,728,000/16 = $108,000.

a.

Number of tickets sold = Total Unearned Ticket Revenue at the beginning of the season / Price per ticket = 1,728,000 / 320 = 5,400 tickets

b.

Home games played by the end of October = Recognized unearned revenue by the end of October / equal amount of revenue recognized after each game = 1,188,000/108,000 = 11 games.

c.

As ticket is bought in cash, Cash account goes up (Dr) by $1,728,000; Unearned Ticket Revenue also goes up (Credit - as this is liability account) by the same amount.

d.

After the first home game is played, an equal amount of revenue recognized after each game should be recorded as revenue by decreasing the Unearned Ticket Revenue ( Dr) by 108,000 and increases (Cr) the revenue account by 108,000.

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motikmotik

Answer:

Both employment and the real wage rate would decrease

Explanation:

Given that the capital stock of a nation or country jas a direct impact on such country in terms of savings and investments which directly translates to additional.economic development.

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3 years ago
High Flying takes tourists on helicopter tours of Hawaii. Each tourist buys a $190 ticket; the variable costs average $57 per pe
Dennis_Churaev [7]

Answer:

a.  450 tours per month

b.  $850 per month

c.  CM Ratio = 0.7

d.  

1.  Increase

2.  Decrease

3.  No Effect

Explanation:

<u>The questions are:</u>

<u>a. Compute the average number of tours the company must conduct per month to break even</u>

<u>b. Compute the average sales revenue needed per month to produce a target average profit of $53,200</u>

<u>c. Calculate the contribution margin ratio. (Round your answer to 2 decimal places.)</u>

<u>d. Determine whether the actions that follow will increase, decrease, or not affect the company's break-even point. </u>

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<em>2. The termination of a salaried clerk (no replacement is planned).</em>

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<u />

<u />

<u>Solution:</u>

a.

Selling Price = 190

VC = 57

Unit Contribution Margin = $133

Fixed Cost = 718,200 yearly, so monthly is:

718,200/12 = 59,850

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b.

718,200 FC yearly, means, monthly:

718,200/12 = $59,850

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53200+59850 = $113,050

Each tour gives Unit CM to be $133, so we would need revenue of:

Rev = 113,050/133 = <u>$850</u>

<u></u>

c.

Contribution margin ratio is the quotient of difference in sales and var expenses to sales.

So,

CM Ratio = (Sales - Var Exp) / Sales

CM Ratio = (190 - 57) / 190 = 0.7

d.

1.

If the tour prices, decrease, there will be less revenue coming in so the break even point would go higher.

So, break even point will increase

2.

If a salaried clerk is terminated, it will decrease the salary costs of the company. This is decrease the fixed costs of the company (annual wages and salaries), thus it will be easier to cover the new, lower, fixed costs. Thus, the break even point will decrease

3.

A decrease in number of tours sold would proportionally change the variables and other costs and revenues associated. If you look at the calculation above, you will see that "number of tours" won't affect the Break Even Point. Thus, this action will create "no effect".

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Answer:

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