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I am Lyosha [343]
3 years ago
11

McKinnon Enterprises owns a professional ice hockey team, the Rockford Penguins. The company sells season tickets for its upcomi

ng season and receives $960,000 cash. The season starts January 1, 2018, with five home games occurring monthly over the next six months. What is the balance in the company’s deferred revenue account at the end of April 2018? (Assume the deferred revenue account had a zero balance on January 1, 2018.) Select one: A. $480,000 B. $640,000 C. $960,000 D. $320,000 E. None of the above
Business
1 answer:
AnnZ [28]3 years ago
4 0

Answer:

option (B) $640,000

Explanation:

Data provided:

Amount received =  $960,000

Total duration of a season = 6 months

Duration from January 1, 2018 to April 2018 = 4 months

Therefore,

The Deferred revenue recognized = \frac{\textup{960,000}}{\textup{6 months}}   × 4 months

or

The Deferred revenue recognized = $160,000 × 4 months

or

The Deferred revenue recognized = $640,000

Hence,

The correct answer is option (B) $640,000

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Wolfgang, who is age 33, records AGI of $125,000. He incurs the following itemized deductions for 2018: Medical expenses [$15,00
9966 [12]

Answer:

There is a positive adjustment of $5,200

Explanation:

Medical expenses

$2,500

State income taxes

$0

Charitable contributions

$5,000

Qualified housing interest

$6,000

Casualty loss

$1,800

Miscellaneous itemized deductions

$0

Total

$15,300

There is a positive adjustment of $5,200

6 0
4 years ago
The "blank" represents the title comopany ad facilitates the final transaction ?
stellarik [79]

Answer:

the blank is "closing agent"

hope it helped!

8 0
3 years ago
At the beginning of the year, the Finance Committee and the Planning Committee of a certain company each had n members, and no o
Alexus [3.1K]

The ratio of the total number of members who left at the end of the year to the total number of members at the beginning of the year was 1:6.

There were 24 members on the Finance Committee at the beginning of the year.

Explanation:

We are given that at the beginning of the year, the Finance Committee and the Planning Committee of a certain company each had n members, and no one was a member of both committees. At the end of the year, 5 members left the Finance Committee and 3 members left the Planning Committee.

First, we see that the total number of members of both committees at the beginning of the year is 2n. Also, since 5 members left the Finance Committee, the number of members who are on the Finance Committee at the end of the year is n – 5 and since 3 members left the Planning Committee, the number of members who are on the Planning Committee at the end of the year is n – 3.

We need to determine the value of n.

Considering the Statement  in the question

The ratio of the total number of members who left at the end of the year to the total number of members at the beginning of the year was 1:6.

We know that a total of 8 individuals left the committees at the end of the year. Using the information in statement one we can set up the following equation:

(number of members who left)/(members at the beginning)

8/(2n) = 1/6

Cross-multiplying, we obtain:

48 = 2n

24 = n

Thus, there were 24 members on the Finance Committee at the beginning of the year.  

4 0
4 years ago
Brown Company paid $40 in cash dividends.
Mice21 [21]

Answer:

Debited, left and credited, right

Explanation:

The journal entry is shown below:

Dividend A/c Dr $40

             To Cash A/c $40

(Being dividend is paid in cash)

As we see that cash is paid that means cash would be credited and it is shown on the right hand side of the T account whereas the dividend is debited that is shown in the left hand side of the T account

7 0
3 years ago
The reason so many firms suffer aggressive, margin-eroding competition is because they've defined themselves according to operat
Mrrafil [7]

Answer:

The correct answer is "Michael Porter".

Explanation:

Michael Eugene Porter is a professor at Harvard Business School and directs the Institute for Strategy and Competitiveness at Harvard Business School. He is known worldwide for his influence on business strategy, consulting, economic development of nations and regions, and the application of business competitiveness to the solution of social, environmental, and health problems.

Have a nice day!

5 0
3 years ago
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