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Chi Omega Sorority is planning its annual Riverboat Extravaganza. The Extravaganza committee has assembled the following expected costs for the event: Dinner (per person) $ 7 Favors and programs (per person) 3 Orchestra 3,000 Tickets and advertising 1,400 Riverboat Rental 9,600 Floor show and strolling entertainers 2,000 The committee members want to charge $30 per person for the evening's activities. Required: 1. Compute the break-even point for the Extravaganza (in terms of the number of persons that must attend.) 2. Assume that only 250 person attended the Extravaganza last year. If the same number attend this year, what price per ticket must be charged in order to break even? 3. If Chi Omega want to make a profit of $6,000 and charge $30 per ticket, how many people must buy tickets? 4. Chi Omega decides to sell tickets for $35 each and the costs will remain the same as shown in the table above. If they believe they can sell 800 tickets, what will be their margin of safety in dollars and as a percent of sales?
Homer Simpson bought a house for $70,000 some years ago. Heput 20% down and financed the rest with a 25 year mortgage of 8.5%interest. How much equity does Homer have in the house?
Suppose you are considering two possible investment opportunities; a 12-year Treasury bond and a 7-year, A-rated corporate bond. The current real risk-free rate is 4%; and inflation is expected to be 2% for the next 2 years, 3% for the following 4..
Quayle Corporation's inventory cost on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?
Shipyard Corp. acquired Boatworks Corp. in a Type A reorganization on October 19, 2011. On the date of acquisition, Boatworks had a deficit in its earnings and profits of $30,000.
Nottingham Corporation had accounts receivable of $100,000 on January 1st The only transactions affecting accounts receivable were sales of $900,000 and cash collections of $850,000. What is the accounts receivable turnover?
Define planning, organizing, and controlling and then explain why the phases of planning, organizing, and controlling are referred to as a continuous cycle?
Prepare a flexible budget for Dandy Jeans Company using production levels of 16,000, 18,000, and 20,000 units produced. The following is additional information necessary to complete the budget:
Prepare an analysis and determine which plan will result in the higher earnings per share of common stock. Recommend one plan to the board. Give reasons
Carter Corporation had net income of $250,000 and paid dividends of $50,000 to common stockholders and $20,000 to preferred stockholders in 2008.
Jeremy Leasing purchases and then leases small aircraft to interested parties. The company is currently determining the required rental for a small aircraft that cost them $400,000. If the lease is for twenty years and annual lease payments are re..
The annual market rate at the date of issuance is 6%, and the bonds are sold for $165,523. What is the amount of the disc on these bonds at issuance?
What is the controller's responsibility with respect to a president who doesn't know much accounting?
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