[The following information applies to the questions displayed below.] Kirkland Theater sells season tickets for six events at a price of $378. For the 2022 season, 1,200 season tickets were sold. Required: a-1. Use the horizontal model to show the effect of the sale of the season tickets. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Cash Assets Balance Sheet Liabilities 453,600 Unearned ticket revenue 453,600+ Stockholders' Equity Net Income Income Statement Revenues Expenses

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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[The following information applies to the questions displayed below.]
Kirkland Theater sells season tickets for six events at a price of $378. For the 2022 season, 1,200 season tickets were
sold.
Required:
a-1. Use the horizontal model to show the effect of the sale of the season tickets. Indicate the financial statement effect.
Note: Enter decreases with a minus sign to indicate a negative financial statement effect.
Cash
Assets
Balance Sheet
Liabilities
453,600 Unearned ticket revenue
453,600 +
Stockholders' Equity
Net Income
Income Statement
Revenues
Expenses
Transcribed Image Text:[The following information applies to the questions displayed below.] Kirkland Theater sells season tickets for six events at a price of $378. For the 2022 season, 1,200 season tickets were sold. Required: a-1. Use the horizontal model to show the effect of the sale of the season tickets. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Cash Assets Balance Sheet Liabilities 453,600 Unearned ticket revenue 453,600 + Stockholders' Equity Net Income Income Statement Revenues Expenses
[The following information applies to the questions displayed below.]
Kirkland Theater sells season tickets for six events at a price of $378. For the 2022 season, 1,200 season tickets were
sold.
b-1. Use the horizontal model to show the effect of presenting an event. Indicate the financial statement effect.
Note: Enter decreases with a minus sign to indicate a negative financial statement effect.
Assets
Balance Sheet
Liabilities
Unearned ticket revenue
+
453.600 +
Stockholders' Equity
Net Income
= Ticket revenue
Income Statement
Revenues
453,600
Expenses
Transcribed Image Text:[The following information applies to the questions displayed below.] Kirkland Theater sells season tickets for six events at a price of $378. For the 2022 season, 1,200 season tickets were sold. b-1. Use the horizontal model to show the effect of presenting an event. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Assets Balance Sheet Liabilities Unearned ticket revenue + 453.600 + Stockholders' Equity Net Income = Ticket revenue Income Statement Revenues 453,600 Expenses
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