Named in honor of the late Dr. F. C. “Phog” Allen, the Kansas Jayhawks’ head coach for 39 years, Allen Fieldhouse is labeled by many as one of the best places in America to watch a college basketball game. Allen Fieldhouse has a seating capacity of 16,300. Assume the basketball arena sells out all 16 home games before the season begins, and the athletic department collects $9,128,000 in ticket sales. Required: 1. What is the average price per season ticket and average price per individual game ticket sold? 2. Record the advance collection of $9,128,000 in ticket sales. 3. Record the revenue recognized after the first home game is completed.
Named in honor of the late Dr. F. C. “Phog” Allen, the Kansas Jayhawks’ head coach for 39 years, Allen Fieldhouse is labeled by many as one of the best places in America to watch a college basketball game. Allen Fieldhouse has a seating capacity of 16,300. Assume the basketball arena sells out all 16 home games before the season begins, and the athletic department collects $9,128,000 in ticket sales. Required: 1. What is the average price per season ticket and average price per individual game ticket sold? 2. Record the advance collection of $9,128,000 in ticket sales. 3. Record the revenue recognized after the first home game is completed.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Named in honor of the late Dr. F. C. “Phog” Allen, the Kansas Jayhawks’ head coach for 39 years, Allen Fieldhouse is labeled by many as one of the best places in America to watch a college basketball game. Allen Fieldhouse has a seating capacity of 16,300. Assume the basketball arena sells out all 16 home games before the season begins, and the athletic department collects $9,128,000 in ticket sales.
Required:
1. What is the average price per season ticket and average price per individual game ticket sold?
2. Record the advance collection of $9,128,000 in ticket sales.
3. Record the revenue recognized after the first home game is completed.
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