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viktelen [127]
3 years ago
8

Larkspur University sells 4,800 season basketball tickets at $60 each for the entire 15-game home schedule. (a) Give the entry t

o record the sale of the season tickets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
snow_tiger [21]3 years ago
5 0

Answer:

The Journal entry is as follows:

Cash A/c                    Dr. $288,000

To Unearned basketball ticket revenue A/c     $288,000

(To record the sale of the season tickets)

Workings:

Given that,

Total number of tickets sold = 4,800

Selling price of ticket = $60 each

Cash = season basketball tickets sold × Selling price of each ticket

        =  4,800 tickets × $60 per ticket

        = $288,000

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The economic theory that is focused on group ownership of the means of production with all members of the community sharing in t
brilliants [131]
It is Communism I think-
6 0
3 years ago
Purple Turtle Group is analyzing a project with the following cash flows: Year Cash Flow 0 -$795,000 1 $375,000 2 $-500,000 3 $6
Phantasy [73]

Answer:

MIRR = 4.32%

Explanation:

year           cash flow

0               -$795,000

1                 $375,000

2               -$500,000

3                $600,000

4                $400,000

Since there are 2 cash outflows, the IRR calculation would result in two different answers (1 for every cash outflow), that is why we use the MIRR function in excel.

=MIRR (cash flows, finance rate, reinvestment rate)

=MIRR (-795000 to 400000, 5.5%, 5.5%)

Since we are only given one interest rate, we will use it as our finance rate and our reinvestment rate.

MIRR = 4.32%

6 0
3 years ago
True or False: One reason to use a predetermined overhead rate is to eliminate the effect of seasonal factors.
Ganezh [65]

Answer:

True

Explanation:

Predetermined overhead rate is estimated at the start of the period by dividing the estimated manufacturing overhead cost by an allocation base. Predetermined overhead rate is quite useful especially in eliminating seasonal effects. So, the above statement is a true one important reason to apply the predetermined overhead rate is to mitigate the effects of seasonal factors.

3 0
2 years ago
In October of the current year, Jasmine received a $15,520 payment from a client for 32 months of rent. The rental period begins
serg [7]

Answer:

Jasmine recognize $1,940 this year if she uses the accrual method of accounting.

Explanation:

The Accrual or Matching Concept in accounting requires revenues and expenses to be recorded in the period i which they occur or incur.

The entry to record the receipt of payment is :

Cash $15,520 (debit)

Unearned Rental Income $15,520 (credit)

By the end of the year on 31 December, 4 months rent income starting September will have been earned and entries are as follows :

Unearned Rental Income $1,940 (debit)

Rental Income $1,940 (credit)

Rental Income calculation = $15,520 × 4 / 32

                                           = $1,940

5 0
3 years ago
Jacqui decides to open her own business and earns $50,000 in accounting profit the first year. When deciding to open her own bus
Ira Lisetskai [31]

Answer:

C) $4,000

Explanation:

To calculate economic profit we can use the following formula:

economic profit = total revenue - (accounting costs + implicit costs) = (total revenue - accounting cost) - implicit costs

where:

  • accounting profit = total revenue - accounting cost = $50,000
  • implicit costs: ($20,000 x 5%) + $45,000 = $1,000 + $45,000 = $46,000

economic profit = $50,000 - $46,000 = $4,000

3 0
3 years ago
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