User Account

All Pages

What was the effect of otr ticket sales on lyv

Assignment Help Financial Accounting
Reference no: EM132517912

The following is a list of effects of accounting transactions on the basic accounting equation: Assets = Liabilities + Shareholders' Equity.

  • In March 2018, Live Nation Entertainment (LYV) announced that it would be the promoter and manager for Jay-Z and Beyoncé's OTR II tour. 
  • Assume all tickets for all tour events were sold by the end of March. These sales were for cash and made exclusively through LYV's ticketing subsidiaries. LYV's fiscal year ends on December 31. For brevity, I'll refer to the artists as "JZB."
  • Which of the relationships identified above defines the effects of each of the following transactions/events on LYV's quarterly financial statements during 2018?

Problem 1: What was the effect of OTR II ticket sales on LYV's Q1 financial statements

Increase in assets, increase in liabilities
Increase in assets, increase in shareholders' equity
Increase in assets, decrease in assets
Decrease in assets, decrease in liabilities
Decrease in assets and liabilities, increase in shareholders' equity
Decrease in assets, decrease in shareholders' equity
Increase in liabilities, decrease in shareholders' equity
Decrease in liabilities, increase in shareholders' equity
None of these

Problem 2: JZB performed the Stadion Narodowy concert (Warsaw) as scheduled. How were ticket sales for this concert reflected in LYV's Q2 financial statements?

Increase in assets, increase in liabilities
Increase in assets, increase in shareholders' equity
Increase in assets, decrease in assets
Decrease in assets, decrease in liabilities
Decrease in assets and liabilities, increase in shareholders' equity
Decrease in assets, decrease in shareholders' equity
Increase in liabilities, decrease in shareholders' equity
Decrease in liabilities, increase in shareholders' equity
None of these

Problem 3: On May 5 , LYV paid in full the rental fee for the RheinEnergieStadion to the municipality of Cologne (Germany). What was this transaction's effect on the Q2 financial statements?

Increase in assets, increase in liabilities
Increase in assets, increase in shareholders' equity
Increase in assets, decrease in assets
Decrease in assets, decrease in liabilities
Decrease in assets and liabilities, increase in shareholders' equity
Decrease in assets, decrease in shareholders' equity
Increase in liabilities, decrease in shareholders' equity
Decrease in liabilities, increase in shareholders' equity
None of these

Problem 4: How was the stadium rental fee in c) above reflected in the Q3 financial statements?

Increase in assets, increase in liabilities
Increase in assets, increase in shareholders' equity
Increase in assets, decrease in assets
Decrease in assets, decrease in liabilities
Decrease in assets and liabilities, increase in shareholders' equity
Decrease in assets, decrease in shareholders' equity
Increase in liabilities, decrease in shareholders' equity
Decrease in liabilities, increase in shareholders' equity
None of these

Problem 5: On July 12 , Live Nation paid in full the rental fee for the Olympiastadion (Berlin city government). What was this transaction's effect on the Q3 financial statements?

Increase in assets, increase in liabilities
Increase in assets, increase in shareholders' equity
Increase in assets, decrease in assets
Decrease in assets, decrease in liabilities
Decrease in assets and liabilities, increase in shareholders' equity
Decrease in assets, decrease in shareholders' equity
Increase in liabilities, decrease in shareholders' equity
Decrease in liabilities, increase in shareholders' equity
None of these

Problem 6: JZB's concert at the Mercedes Benz (New Orleans) Superdome occurred on schedule. Live Nation's contract with the Louisiana Stadium and Exposition District (the Superdome's owner) specified that the stadium rental fee be paid on October 5. Factoring in the timing of the concert, what effect did this contractual provision have on the Q3 financial statements?

Increase in assets, increase in liabilities
Increase in assets, increase in shareholders' equity
Increase in assets, decrease in assets
Decrease in assets, decrease in liabilities
Decrease in assets and liabilities, increase in shareholders' equity
Decrease in assets, decrease in shareholders' equity
Increase in liabilities, decrease in shareholders' equity
Decrease in liabilities, increase in shareholders' equity
None of these

Reference no: EM132517912

Questions Cloud

COIT20256 - Data Structures and Algorithms Assignment : COIT20256 - Data Structures and Algorithms Assignment Help and Solution - Central Queensland University, Australia - Assessment Writing Service
Why is the sbp worried about people : Metropolitan Bank has total assets of Rs. 100 million, including bonds of Rs. 80 million. Its demand deposits are Rs. 100 million, and the reserve ratio
Discuss fair value measurements may be useful to investors : "Fair value measurements may be useful to investors but they are inappropriate for use in measuring managers' performance and." Discuss.
Explain the meaning of production of organization : Explain the meaning of production of organization using IKEA factory as an example
What was the effect of otr ticket sales on lyv : JZB performed the Stadion Narodowy concert (Warsaw) as scheduled. How were ticket sales for this concert reflected in LYV's Q2 financial statements?
Illustrate the short run effects on the macroeconomy : Illustrate the short run effects on the macroeconomy by using the aggregate demand-aggregate supply model.
Database platforms-graph databases : We have been assigned one of the class of database platforms i.e. Graph Databases. There is a need to prepare both presentation and research for the same.
Discuss the monetary tools available to the federal reserve : Describe how expansionary activities conducted by the Federal Reserve impact credit availability, the money supply, interest rates, security prices
Write recommendation for solving critical resource problem : You have been asked to replace the project manager who was heading up your firm's new compensation and benefits system. One of the reasons the project manager.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd