Homework Help is Here – Start Your Trial Now!
Business
Accounting
1.  Prepare a flexible budget, given the following information.  The Flint Firebirds (Ontario Hockey League) plan on playing 20 home games.  However, the team does well, and also plays 5 playoff games.   Average revenue per customer (ticket price plus concessions net) is $12. Average attendance is 2,000 fans/game. Costs are: Arena Labor and concession costs $2,000 / game Arena rental  $10,000 / year + $1,000/game. Players and management  $400,000 / year. Prepare the flexible budget. ​​​​Static Budget​​​​ Flexible budget Number of games​​ 20​​​​​25 Revenue​ ​​480,000​​​​ Arena labor and concessions​ 40,000​​​​ Arena rental​​​30,000​​​​ Players and mgmt..​ ​400,000​​​ Total expenses​​​ 470,000​​​​ Net income (loss)​​ 10,000

1.  Prepare a flexible budget, given the following information.  The Flint Firebirds (Ontario Hockey League) plan on playing 20 home games.  However, the team does well, and also plays 5 playoff games.   Average revenue per customer (ticket price plus concessions net) is $12. Average attendance is 2,000 fans/game. Costs are: Arena Labor and concession costs $2,000 / game Arena rental  $10,000 / year + $1,000/game. Players and management  $400,000 / year. Prepare the flexible budget. ​​​​Static Budget​​​​ Flexible budget Number of games​​ 20​​​​​25 Revenue​ ​​480,000​​​​ Arena labor and concessions​ 40,000​​​​ Arena rental​​​30,000​​​​ Players and mgmt..​ ​400,000​​​ Total expenses​​​ 470,000​​​​ Net income (loss)​​ 10,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

1.  Prepare a flexible budget, given the following information.  The Flint Firebirds (Ontario Hockey League) plan on playing 20 home games.  However, the team does well, and also plays 5 playoff games.  

Average revenue per customer (ticket price plus concessions net) is $12. Average attendance is 2,000 fans/game.

Costs are:

Arena Labor and concession costs $2,000 / game

Arena rental  $10,000 / year + $1,000/game.

Players and management  $400,000 / year.

Prepare the flexible budget.

​​​​Static Budget​​​​ Flexible budget

Number of games​​ 20​​​​​25

Revenue​ ​​480,000​​​​

Arena labor and concessions​ 40,000​​​​

Arena rental​​​30,000​​​​

Players and mgmt..​ ​400,000​​​

Total expenses​​​ 470,000​​​​

Net income (loss)​​ 10,000​​​​​

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Industry analysis: Project management in construction industry
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS