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3 years ago

Bramble University sells 6,500 season basketball tickets at $40 each for its 13-game home schedule.

Business

1 answer:

Mkey [24]3 years ago

5 0

Answer:

a. The entry to record the sale of the season tickets would be as follows:

Debit Credit

cash $260,000

Unearned ticket revenue $260,000

b. The entry to record the revenue recognized after playing the first game would be as follows:

Debit Credit

Unearned ticket revenue $20,000

Ticket revenue $20,000

Explanation:

a. In order to Give the entry to record the sale of the season tickets we would have to make the following calculation:

Cash=6,500*$40

Cash=$260,000

Therefore, entry would be as follows:

Debit Credit

cash $260,000

Unearned ticket revenue $260,000

b. In order to Give the entry to record the revenue recognized after playing the first game we would have to make the following calculation:

unearned ticket revenue=$260,000/13

unearned ticket revenue=$20,000

Therefore, entry would be as follows:

Debit Credit

Unearned ticket revenue $20,000

Ticket revenue $20,000

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Answer:

Explanation:

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3 years ago

Concord Corporation has several outdated computers that cost a total of $18000 and could be sold as scrap for $6000. They could

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Answer:

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2 years ago

On December 31, 2017, Ainsworth, Inc., had 720 million shares of common stock outstanding. Thirty one million shares of 7%, $100

Oksana_A [137]

Answer:

Reported net loss $ (195)

Add: Cumulative preference dividend (31*$100*7%) $ (217)

Total loss $ (412)

Calculation of weighted average number of shares

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Treasury stock (-30*105%*8/12) (21.00)

Issuance (12*4/12) 4.00

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$ (412) / 739.00 = $ (0.56)

Calculation of Net Income

Reported net loss $ (195)

Add : loss from discontinuing operation $ 510

Income from continuing operation $ 315

Cumulative preference dividend $ (217)

Net Income $ 98

Numerator / Denominator = Net loss per share

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Comparative income statement 2018 2017

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Loss from discontinued $ (0.69)

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