Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer:
They are reported on a balance sheet.
They refer to cash received in advance of performing a service or product. They are a liability.
They are also called deferred revenues.
Explanation:
Unearned revenue is a term in which the transactions that are related to the receiving of money could be considered for the service or product to be provided or delivered. It is as a prepayment
Also it is a liability account that should be recorded at the balance sheet. It is also known as deferred revenues
Answer:
Elasticity is 1.0
Explanation:
Price elasticity is a measure of the responsiveness of quantity demanded to changes in prices.
When the ratio of change in quantity to change in price is one, it is unit elastic.
So if price of movie tickets reduce by 5 units the quantity will increase by 5 units.
This will result in same amount of revenue at all prices.
The demand is perfectly elastic.