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Advance Payment for Services The Columbus Bluebirds football team sells a 12-game season ticket for $240....
Part one: A local theater company sells 1,550 season ticket packages at a price of $320...
Part one: A local theater company sells 1,550 season ticket packages at a price of $320 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. The revenue from fulfilling the performance obligation by putting on the first show. Prepare the journal entries related for the above transactions A) A local theater company sells 1,550 season ticket packages at a price of $320 per package. Record the...
Derby University sells 4,000 season basketball tickets at $210 each for its 12-game home schedule. Give...
Derby University sells 4,000 season basketball tickets at $210 each for its 12-game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized by playing the first home game.
Blue Spruce University sells 6,800 season basketball tickets at $45 each for its 10-game home schedule....
Blue Spruce University sells 6,800 season basketball tickets at $45 each for its 10-game home schedule. Prepare a tabular summary to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game. (If a transaction couses a decrease in Assets, Liabilities or Stockholders' Equity place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced.) Assets Liabilities Stockholders' Equity Retained...
The University of Michigan football stadium, built in 1927, is the largest college stadium in America,...
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.
1. What is the average price per season ticket and average price per individual game ticket sold? (Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as 5,500,000).) Per...
Second Journal Entry:Record the revenue recognized after the first home game is completed. T. Boone Pickens...
Second Journal Entry:Record the revenue recognized after the
first home game is completed.
T. Boone Pickens football stadium at Oklahoma State University has a seating capacity of about 65,000. Assume the stadium sells out all four home games before the season begins and the athletic department collects $28 million in ticket sales. 1. What was the average price per season ticket and average price per Individual game ticket sold? (Round your answers to the nearest dollar amount.) Average price per...
Required information [The following information applies to the questions displayed below.] A local theater company sells...
Required information [The following information applies to the questions displayed below.] A local theater company sells 1,500 season ticket packages at a price of $250 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. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or...
Warranty Liabilities A dealer sells a car for $82,000, on December 1, 2007, with a warranty for parts and labor for 12 months, or 15,000 miles. The dealership experiences an average warranty cost...
Warranty Liabilities A dealer sells a car for $82,000, on December 1, 2007, with a warranty for parts and labor for 12 months, or 15,000 miles. The dealership experiences an average warranty cost of 8% of the selling price of each car. GENERAL JOURNAL PAGE DATE DESCRIPTION PR. DEBIT CREDIT 0, December 31, 007 Borrowed $82,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $68,000 note. GENERAL JOURNAL PAGE 1 DATE DESCRIPTION PR. I DEBIT CREDIT Game Pro Magazine...
Brief Exercise 10-4 Bramble University sells 3,500 season basketball tickets at $80 each for its 10-game...
Brief Exercise 10-4
Bramble University sells 3,500 season
basketball tickets at $80 each for its 10-game home schedule.
(a)
Give the entry to record the sale of the season tickets.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
(b)
Give the entry to record the revenue recognized after playing the
first home game. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Only these account titles work:
Accounts Payable...
Brief Exercise 12-5 (Algo) Available-for-sale securities [LO12-4) S&L Financial buys and sells securities which it classifies...
Brief Exercise 12-5 (Algo) Available-for-sale securities [LO12-4) S&L Financial buys and sells securities which it classifies as available for sale On December 27, 2021, S&L purchased Coca-Cola bonds at par for $892,000 and sold the bonds on January 3, 2022 for $900,000. At December 31, the bonds had a fair value of 5885,000, and S&L has the intent and ability to hold the investment until fair value recovers. Prepare journal entries to record (a) any unrealized gains or losses occurring...
3.1 On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with...
3.1
On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face amount of $43 million. The bonds sold for $42.3 million and mature on February 28, 2024. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $43,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance...
Blue Spruce University sells 6,800 season basketball tickets at $45 each for its 10-game home schedule. Prepare a tabular summary to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game. (If a transaction couses a decrease in Assets, Liabilities or Stockholders' Equity place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced.) Assets Liabilities Stockholders' Equity Retained...
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.
1. What is the average price per season ticket and average price per individual game ticket sold? (Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as 5,500,000).) Per...
Second Journal Entry:Record the revenue recognized after the
first home game is completed.
T. Boone Pickens football stadium at Oklahoma State University has a seating capacity of about 65,000. Assume the stadium sells out all four home games before the season begins and the athletic department collects $28 million in ticket sales. 1. What was the average price per season ticket and average price per Individual game ticket sold? (Round your answers to the nearest dollar amount.) Average price per...
Required information [The following information applies to the questions displayed below.] A local theater company sells 1,500 season ticket packages at a price of $250 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. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or...
Warranty Liabilities A dealer sells a car for $82,000, on December 1, 2007, with a warranty for parts and labor for 12 months, or 15,000 miles. The dealership experiences an average warranty cost of 8% of the selling price of each car. GENERAL JOURNAL PAGE DATE DESCRIPTION PR. DEBIT CREDIT 0, December 31, 007 Borrowed $82,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $68,000 note. GENERAL JOURNAL PAGE 1 DATE DESCRIPTION PR. I DEBIT CREDIT Game Pro Magazine...
Brief Exercise 10-4
Bramble University sells 3,500 season
basketball tickets at $80 each for its 10-game home schedule.
(a)
Give the entry to record the sale of the season tickets.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
(b)
Give the entry to record the revenue recognized after playing the
first home game. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Only these account titles work:
Accounts Payable...
Brief Exercise 12-5 (Algo) Available-for-sale securities [LO12-4) S&L Financial buys and sells securities which it classifies as available for sale On December 27, 2021, S&L purchased Coca-Cola bonds at par for $892,000 and sold the bonds on January 3, 2022 for $900,000. At December 31, the bonds had a fair value of 5885,000, and S&L has the intent and ability to hold the investment until fair value recovers. Prepare journal entries to record (a) any unrealized gains or losses occurring...
3.1
On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face amount of $43 million. The bonds sold for $42.3 million and mature on February 28, 2024. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $43,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance...
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