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Season tickets for the Panthers are priced at $320 and include 16 games. Revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,728,000. By the end of October, $1,188,000 of the Unearned Ticket Revenue has been recorded as earned. Instructions:
a) how many sease tickets did the Panthers sell?
b) how many home games had the Panthers played by the end of October?
c) Prepare the entry for the intial recording of the Unearned Ticket Revenue?
d) Prepare the entry to recognize the revenue after the first home game had been played?
At the time of the sale, O’Monica’s adjusted basis was $50,000. Within two months of the sale, O’Monica moved into a new residence she purchased for $500,000. What is O’Monica’s basis in her new residence?
Loss on operations of the wholesale division (net of tax) 90,000. Dividends declared on common stock 250,000. Create a multiple-step income statement and a retained earnings statement
Calculate the total cost of ownership and the supplier performance index for each of the four suppliers and discuss the relative performance of each supplier.
Purpose a combined cost of goods sold and Income Statement
Application of LIFO, FIFO and Weighted Average method of Inventory System and evaluate the cost assigned to ending inventory and to cost of goods sold using a) specific identification
During 2010, Ace Company had sales of $376,000, operating expenses of $66,000, gross margin of 30%, cash dividends $30,000, other expenses/losses $15,000 and corporation income taxes of 30%. What was the income tax expense for 2010?
While debt is viewed as bad by many people, in the context of the balance sheet, explain the advantageous reasons for using debt.
There was no starting inventory. If the company uses the FIFO periodic inventory method, what would be the cost of the ending inventory?
the allowance for doubtful accounts was a debit of $100,000. If 2% of the accounts receivable are expected to be uncollectible, what is credit balance in the allowance account after the year-end adjustment
Taxable income includes $80,000 of dividends from a 10%-owned domestic corporation. Water paid fines and penalties of $6,000 that were not deducted in computing taxable income.
Identify the type of cost accounting system - Prepare a flexible budget for manufacturing costs for activity levels between 8,000 and 10,000 units, in 1,000 unit increments.
The liabilities of Cummings Company are $90,000 and the stockholders' equity is $230,000. What is the amount of Cummings Company's total assets?
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