Required information Exercise 5-16 Break-Even Analysis and CVP Graphing [LO5-2, LO5-4, LO5-5] [The following information applies to the questions displayed below.] 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) Favors and program (per person) Band Rental of ballroom. Professional entertainment during intermission Tickets and advertising Exercise 5-16 Part 1 The committee members would like to charge $40 per person for the evening's activities. 23 4 1. Break-even point 2. Ticket price per person to break even $ $ $ 780 $ 390 $ 260 $1,170 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 mu be charged in order to break even? persons
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
![Required information
Exercise 5-16 Break-Even Analysis and CVP Graphing [LO5-2, LO5-4, LO5-5]
[The following information applies to the questions displayed below.]
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)
Favors and program (per person)
Band
Rental of ballroom
Professional entertainment during intermission.
Tickets and advertising
Exercise 5-16 Part 1
$
The committee members would like to charge $40 per person for the evening's activities.
1. Break-even point
2. Ticket price per person to break even
23
4
persons
780
390
$
$ 260
$1,170
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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe2f22b0-abb1-42a9-b194-ea4f15084330%2Fdc424609-ef51-4b00-bf6e-84a57068e640%2Fxf7tgcn_processed.jpeg&w=3840&q=75)
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