A local theater company sells 1,000 season ticket packages at a price of $255 per package. The first show in the ten-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue earned after putting on the first show.

A local theater company sells 1,000 season ticket packages at a price of $255 per package. The first show in the ten-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue earned after putting on the first show.

Name: A local theater company sells 1,000 season ticket packages at a price
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Description: A local theater company sells 1,000 season ticket packages at a price of $255 per package. The first show in the ten-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue earned after putting on the f

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A local theater company sells 1,500 season ticket packages at a price of $250 per package. The firstshow in the ten-show season starts this week. Show the accounting equation effects and prepare thejournal entries related to ( a ) the sale of the season tickets before the first show and ( b ) the revenueearned after putting on the first show.
Summit Incorporated operates a concert series that has monthly fixed expense of $7,000. In addition, the company pays distributors $4.00 per ticket sold. The following chart shows the number of tickets Summit expects to sell during the year. January February March 1,200 1,000 1,100 April May June 600 1,100 1,000 Assume Summit wants to earn $5.00 per concert attendee. How much should the company charge for a ticket in January? July August September October November December Total 1,700 1,100 900 1,000 500 800 12,000
10,000 seat amphitheater has tickets for sale at $45 and $65. How many tickets should be sold at each price for a sellout performance to generate a total revenue of $560,000 ?
A 6000-seat theater has tickets for sale at $25 and $40. How many tickets should be sold at each price for a sellout performance to generate a total revenue of $172,500? The number of tickets for sale at $25 should be
Required information Skip to question [The following information applies to the questions displayed below.] A local theater company sells 1,700 season ticket packages at a price of $300 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
The West Indies School Book Shop sells T Shirts emblazoned with the school’s name and logo. Theshirts cost $2,000 each and management estimates that 900 T Shirts will be sold during each month ofthe year. The annual holding cost for a unit of that inventory is estimated to be 1.5% of the purchaseprice. It costs the Book Shop $500 to place a single order.The maximum sale for the Book Shop for any one week is 300 shirts and minimum sales 150shirts. The supplier takes anywhere from 2 to 4 weeks to deliver the merchandise after the order isplaced.i) Determine the highest number of shirts that should be purchased by the Gift Shop in order tominimize stock administration cost.ii) What is the total stock administration costs?iii)Using the EOQ policy, determine the re-order level, minimum inventory level and maximuminventory level for the T Shirts.
Over the winter months, Sheridan Lawns Co. pre-sells fertilizing and weed control lawn services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 390 customers took advantage of the discount and purchased the summer lawn service package for $740 each. In June, 320 customers purchased the package for $840, and in July, 107 purchased it for the same price. For customers who pay after May 1, service starts in the month the customer makes the payment. How much revenue should be recognized by the Sheridan Lawns Co. in each of the months of March, April, May, June, July, August, and September? (Round answers to 0 decimal places, e.g. 5,275.) March $ April $ May $ June $ July $ August $ September $
The West Indies School Book Shop sells T Shirts emblazoned with the school's name and logo. The shirts cost $2,000 each and management estimates that 900 T Shirts will be sold during each month of the year. The annual holding cost for a unit of that inventory is estimated to be 1.5% of the purchase price. It costs the Book Shop $500 to place a single order. The maximum sale for the Book Shop for any one week is 300 shirts and minimum sales 150 shirts. The supplier takes anywhere from 2 to 4 weeks to deliver the merchandise after the order is placed. i) Determine the highest number of shirts that should be purchased by the Gift Shop in order to minimize stock administration cost. ii) What is the total stock administration costs? iii)Using the EOQ policy, determine the re-order level, minimum inventory level and maximum inventory level for the T Shirts.
The West Indies School Book Shop sells T Shirts emblazoned with the school’s name and logo. The shirts cost $2,000 each and management estimates that 900 T Shirts will be sold during each month of the year. The annual holding cost for a unit of that inventory is estimated to be 1.5% of the purchase price. It costs the Book Shop $500 to place a single order. The maximum sale for the Book Shop for any one week is 300 shirts and minimum sales 150 shirts. The supplier takes anywhere from 2 to 4 weeks to deliver the merchandise after the order is placed. Determine the highest number of shirts that should be purchased by the Gift Shop in order to minimize stock administration cost. What is the total stock administration costs? Using the EOQ policy, determine the re-order level, minimum inventory level and maximum inventory level for the T Shirts.
Over the winter months, Oriole Co. pre-sells fertilizing and weed control lawn services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 270 customers took advantage of the discount and purchased the summer lawn service package for $760 each. In June, 220 customers purchased the package for $800, and in July, 81 purchased it for the same price. For customers who pay after May 1, service starts in the month the customer makes the payment. How much revenue should be recognized by the Oriole Co. in each of the months of March, April, May, June, July, August, and September? (Round answers to 0 decimal places, e.g. 5,275. Do not leave any answer field blank. Enter O for amounts.) March April May June July August September $ ՄԴԴԴ $
The members of the city cultural center have decided to put on a play once a night for a week. Their auditorium holds 600 people. By selling tickets, the members would like to raise $2,700 every night to cover all expenses. Let d represent the number of adult tickets sold at $6.50. Let s represent the number of student tickets sold at $3.50 each. If all 600 seats are filled for a performance, how many of each type of ticket must have been sold for the members to raise exactly $2,700? At one performance there were two times as many student tickets sold as adult tickets. If there were 360 tickets sold at that performance, how much below the goal of $2,700 did ticket sales fall?
During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $25,000. On the date of delivery, January 2, the company paid $7,000 on the machine, with the balance on credit at 10 percent interest due in six months. On January 3, it paid $1,300 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,400. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,800. E8-4 Part 2 2. Compute the acquisition cost of the machine.