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leva [86]
3 years ago
15

Blue Spruce University sells 4,500 season basketball tickets at $140 each for its 12-game home schedule. Give the entry to recor

d (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game.
Business
1 answer:
STatiana [176]3 years ago
8 0

Answer:

a. Total revenue received:

= 4,500 * 140

= $630,000

Date                 Account Title                                           Debit              Credit

XX-XX-XXXX  Cash                                                     $630,000

                        Unearned revenue                                                     $630,000

Revenue is unearned because the games have not been played yet therefore Blue Spruce University has not provided the service for which it was paid and has not earned the revenue.

b. The revenue per game is:

= 630,000 / 12 games

= $52,500

Date                 Account Title                                           Debit              Credit

XX-XX-XXXX   Unearned Revenue                             $52,500

                        Revenue - Ticket Sales                                               $52,500

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What is meant by liquidity?
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Answer:

Liquidity is the term which is stated as the degree to which the asset or the security of the company which can be quickly sold or bought in the market at the price which states its intrinsic value.

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Explanation:

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3 0
3 years ago
Mary works for a small computer software company. Her boss is constantly improving the company's products but neglects customers
Artemon [7]

Answer:

A) production-oriented

Explanation:

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8 0
3 years ago
Linda loves buying shoes and going out to dance. Her utility function for pairs of​ shoes, S, and the number of times she goes d
padilas [110]

Answer:

See Explanation

Explanation:

Given

U(S,T) = 2ST

M_U_S =2T

M_U_T=2S

The following details are omitted from the question

P_S= \$50 --- Price of the Shoes

P_T = \$50 --- Spent on dancing

B = \$500 --- Budget on shoe and dancing

Solving (a): Her budget line

First, we determine her budget equation (B).

This is calculated by:

B = P_S * S + P_T *T

This gives:

500 = 50 * S + 50 * T

500 = 50 S + 50 T

Divide through by 50

10 =S + T

S + T = 10 --- The budget equation

<em>See attachment for the budget line equation</em>

Solving (a): Optimal Consumption Bundle Point

First, we determine the marginal rate of substitution (MRS) using:

MRS = \frac{MU_s}{MU_t} = 1

MRS = \frac{2S}{2T} =1

This implies that:

\frac{2S}{2T} = 1

Cross Multiply

2S = 2T * 1

2S = 2T

Divide by 2

S = T

Substitute T for S in the budget equation

T + T= 10

2T = 10

T=5

Recall that:

S = T

S = 5

So, the point if optimal consumption bundle is (5,5)

<em>See attachment for point R</em>

5 0
3 years ago
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