A traveling production of The Lion King performs each year. The average show sells 1,600 tickets at $50 per ticket. There are 110 shows each year. The show has a cast of 60?, each earning an average of $350 per show. The cast is paid only after each show. The other variable expense is program printing costs of $7 per guest. Annual fixed expenses total $$717,000. Prepare The Lion King?'s contribution margin income statement for 110 shows each year. Report only two categories of? expenses: variable and fixed.Create Contribution margin Income Statement Sales Revenue Variable Expenses Contribution Margin Fixed Expenses Operating Income
A traveling production of The Lion King performs each year. The average show sells 1,600 tickets at $50 per ticket. There are 110 shows each year. The show has a cast of 60?, each earning an average of $350 per show. The cast is paid only after each show. The other variable expense is program printing costs of $7 per guest. Annual fixed expenses total $$717,000. Prepare The Lion King?'s contribution margin income statement for 110 shows each year. Report only two categories of? expenses: variable and fixed.Create Contribution margin Income Statement Sales Revenue Variable Expenses Contribution Margin Fixed Expenses Operating Income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A traveling production of The Lion King
performs each year. The average show sells
1,600 tickets at $50 per ticket. There are 110
shows each year. The show has a cast of 60?,
each earning an average of $350 per show. The
cast is paid only after each show. The other
variable expense is program printing costs of $7
per guest. Annual fixed expenses total
$$717,000. Prepare The Lion King?'s
contribution margin income statement for 110
shows each year. Report only two categories of?
expenses: variable and fixed.Create Contribution
margin Income Statement
Sales Revenue
Variable Expenses
Contribution Margin
Fixed Expenses
Operating Income
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