The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 106,000 fans. Assume the stadium sells out all five home games before the season begins, and the athletic department collects $87.45 million in ticket sales.
Homework Answers
ANSWER:
(1)
Average price per season ticket = total price of season tickets/sitting capacity
= $87,450,000/106000
= $825 per season ticket
And,
average price per individual game ticket = total price of season tickets/(Number of games sitting capacity)
= $87,450,000/(5 x 106000)
= $165 per individual game ticket
(2)
Journal entry:
| Account title | Debit | Credit |
|---|---|---|
|
Cash Unearned revenue |
$87,450,000 . |
. $87,450,000 |
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