General Accounting question A traveling production of The Grand Symphony performs each year.The average show sells 1,350 tickets at $48 per ticket. There are 130shows each year. The show has a cast of 50, each earning an averageof $290 per show. The cast is paid only after each show. The othervariable expense is program printing costs of $7 per guest. Annualfixed expenses total $1,450,000.Requirements:Compute revenue and variable expenses for each show.

Step 1: Define Revenue and Variable ExpensesRevenue refers to the total income generated from ticket…

Answered: A traveling production of The Grand…

Principles of Accounting Volume 2

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A traveling production of The Lion KingThe Lion King performs each year. The average show sells 1 comma 2001,200 tickets at $ 50 per ticket. There are 125 shows each year. The show has a cast of 60, each earning an average of $ 320 per show. The cast is paid only after each show. The other variable expense is program printing costs of $ 8 per guest. Annual fixed expenses total $ 1,185,600 1. Compute revenue and variable expenses for each show. 2. Use the income statement equation approach to compute the number of shows needed annually to breakeven. 3. Use the shortcut unit contribution margin approach to compute the number of shows needed annually to earn a profit of $3,369,600 Is this goal realistic? Give your reason. 4. Prepare The Lion KingThe Lion King's contribution margin income statement for 125 shows each year. Report only two categories of expenses: variable and fixed.
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The Hartford Symphony Guild is planning its annual dinner-dance. The dinner-dance committee has assembled the following expected costs for the event: Dinner (per person) $ 30 Favors and program (per person) $ 3 Band $ 1,260 Rental of ballroom $ 630 Professional entertainment during intermission $ 1,260 Tickets and advertising $ 3,150 The committee members would like to charge $54 per person for the evening’s activities. Required: 1. What is the break-even point for the dinner-dance (in terms of the number of persons who must attend)? 2. Assume that last year only 200 persons attended the dinner-dance. If the same number attend this year, what price per ticket must be charged in order to break even? (Round your answer to the nearest whole dollar amount.)
City Productions performs London shows. The average show sells 1,430 tickets at $55 per ticket. There are 170 shows per year. No additional shows can be held as the theater is also used by other production companies. The average show has a cast of 50, each earning a net average of $350 per show. The cast is paid after each show. The other variable cost is a program-printing cost of $11 per guest. Annual fixed costs total $999,240. Read the requirements. Requirements 1. 2. 3. Compute revenue and variable costs for each show. Use the equation approach to compute the number of shows City Productions must perform each year to break even. Use the contribution margin ratio approach to compute the number of shows needed each year to earn a profit of $5,750,000. (Round contribution ratio to two decimal places.) Is this profit goal realistic? Give your reasoning. 4. Prepare City Productions' contribution margin income statement for 170 shows performed in the year. Report only two categories of…
The Hartford Symphony Guild is planning its annual dinner-dance. The dinner-dance committee has assembled the following expected costs for the event: Dinner (per person) $ 11 Favors and program (per person) $ 2 Band $ 1,140 Rental of ballroom $ 570 Professional entertainment during intermission $ 760 Tickets and advertising $ 1,330 The committee members would like to charge $32 per person for the evening’s activities. Required: 1. What is the break-even point for the dinner-dance (in terms of the number of persons who must attend)? 2. Assume that last year only 100 persons attended the dinner-dance. If the same number attend this year, what price per ticket must be charged in order to break even? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
Famous Productions performs London shows. The average show sells 1,300 tickets at $60 per ticket. There are 155 shows per year. No additional shows can be held as the theater is also used by other production companies. The average show has a cast of 65, each earning a net average of $340 per show. The cast is paid after each show. The other variable cost is a program-printing cost of $8 per guest. Annual fixed costs total $728,000. Read the requirements LOADING... . Requirement 1. Compute revenue and variable costs for each show. Select the formula and enter the amounts to compute sales revenue for each show. × = Sales revenue per show × = Requirements 1. Compute revenue and variable costs for each show. 2. Use the equation approach to compute the number of shows Famous Productions must perform each year to break even. 3. Use the contribution margin ratio approach to compute the number of shows…
England Productions performs London shows. The average show sells 1,300 tickets at $60 per ticket. There are 175 shows per year. No additional shows can be held as the theater is also used by other production companies. The average show has a cast of 65, each earning a net average of $340 per show. The cast is paid after each show. The other variable cost is a program-printing cost of $8 per guest. Annual fixed costs total $728,000. Requirements: 1. Compute revenue and variable costs for each show. 2. Use the equation approach to compute the number of shows England Productions must perform each year to break even. 3. Use the contribution margin ratio approach to compute the number of shows needed each year to earn a profit of $5,687,500. Is this profit goal realistic? Give your reasoning. 4. Prepare England Production's contribution margin income statement for $175 shows performed in 2018. Report only two categories of costs: variable and fixed.

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