Starlight Cinema STARLIGHT CINEMA RECORDS WEEKLYCONCESSION SALES. WEEK 1 SHOWS:POPCORN $2,840, BEVERAGES $1,965,CANDY $1,195. PRESENT THE TOTALREVENUE.CONCESSIONACCOUNTING - 6 POINTS][GENERAL

Step 1. Definition:Concession revenue refers to the income earned by selling food and drinks at a…

Answered: STARLIGHT CINEMA RECORDS WEEKLY…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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D1.
answer
Season tickets for the Dingos are priced at $220 and include 11 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,287,000. By the end of October, $702,000 of the Unearned Ticket Revenue had been recognized as revenue. A. how many season tickets did the dingos sell? - 5850 B. How many home games had the dingos played by the end of October? C. Prepare the entry for the initial recording of the Unearned Ticket Revenue D. Prepare the entry to recognize the revenue after the first home game had been played.
A company receiving payment of a $20,000 accounts receivable within 10 days with terms of 2/10, n/30, would record a sales discount of: Ca. 2% of $20,000 Ob. (100% -2%) x $20,000 Oc. (100 % - 10%) x $20,000 Od. 10% of $20,000
Record the sale by Balus Company of $125,000 in accounts receivable on May 1. Balus is charged a 2.5% factoring fee.
Receiveables: A company has accounts recieveable of $6,333. Sales for the year were $9,800 . What is its average collection period? Show & expalin the work.
Provide the journal enteies with subsidairy record
On December 10, Year 1, Cantlay Inc. made $500,000 in sales on account to various customers. The cost of the merchandise sold is $350,000. Cantlay estimates that 4% of the merchandise will be returned. Cantlay allows customers to return merchandise for a credit or refund within 30 days of purchase. On December 20, Cantlay gave $16,000 credit to various customers related to the return of merchandise. Assume that Cantlay uses a perpetual inventory system. Required: Question Content Area 1. Prepare the journal entries to record the sale on December 10, the return of merchandise on December 20, and any adjusting entry necessary on December 31.
16.0n October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments. Required: Prepare journal entries for October 24 using the: Gross method and Net method
The following data was generated as of December 31Accounts receivable, Jan 1 550,000.00Accounts receivable collected 875,000.00Cash Sales 350,000.00Inventory, January 1 450,000.00Inventory, December 31 275,000.00Purchases 950,000.00Gross Margin on Sales 375,000.00 a.) How much is the total sales?b.) How much is the cost of sales?c.) How much is the ending Receivable as of Dec 31?d.) How is the credit sales?
Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460
Statz Company had sales of $1,600,000 and related cost of goods sold of $1,150,000 for its first year of operations ending December 31, 20Y1. Statz provides customers a refund for any returned or damaged merchandise. At the end of 20Y1, Statz Company estimates that customers will request refunds for 1.5% of sales and estimates that merchandise costing $16,000 will be returned. Assume that on February 3, 20Y2, Buck Co. returned merchandise with an invoice amount of $5,000 for a cash refund. The returned merchandise originally cost Statz Company $3,200. a. Journalize the adjusting entries on December 31, 20Y1, to record the expected customer returns. If an amount box does not require an entry, leave it blank.

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STARLIGHT CINEMA RECORDS WEEKLY CONCESSION SALES. WEEK 1 SHOWS: POPCORN $2,840, BEVERAGES $1,965, CANDY $1,195. PRESENT THE TOTAL REVENUE. CONCESSION ACCOUNTING - 6 POINTS] [GENERAL