Unearned revenues-ticket sales Kirkland Theater sells season tickets for stevents at a price of $378. For the 2013 season, 1,200 season tickets were sold.Required:a. Use the horizontal model (or write the journal entry) to show the effect of thesale of the season tickets.b. Use the horizontal model (or write the journal entry) to show the effect ofpresenting an event.Where on the balance sheet would the account balance representing fundsreceived for performances not yet presented be classified?с.

Answered: Image /qna-images/answer/1c3670d1-29aa-4b2b-938b-365a8f3fb559.jpg

Answered: Unearned revenues-ticket sales Kirkland…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 5SEB: ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS Set up T accounts for Cash, Unearned Ticket...

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Kirkland Theater sells season tickets for six events priced at a price $378. For the 2013 season, 1,200 season tickets were sold. a. Use the horizontal model to show the effect of the sale of the season tickets. b. Use the horizontal model to show the effect of presenting an event. c. Where on the balance sheet would the account balance representing funds received for performances not yet presented be classified?
Determining gross profit During the current year, merchandise is sold for $8,780,000. The cost of the goods sold is $5,531,400. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. What is the amount of the gross profit? Round your answer to the nearest dollar. b. Compute the gross profit percentage (gross profit divided by sales). Round your answer to the nearest whole number. C. Will the income statement always report a operating incomne? Yes No Previous earch 542 PM 5/3/2021
Use the Adjusted Trial Balance Lion Consulting. (Note: I am including the Adjusted Trial Balance below in this question to use for questions 18-23 and 40-46, but it would be easier if you refer to the separate file I provided.)On the Income Statement, what would the Gross Profit be for Lion Consulting? Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated Depreciation - Office Equip. 58,000 Store Equipment 650,000 Accumulated Depreciation - Store Equip. 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2029)* *140,000 M.T.…
View the data below and then answer the question below: Company Name: WaitRose Sales - $2,100 (20% cash, 80% credit) Inventory - $750 Depreciation - $1,500 Plant & Equipment - $2,000 Accounts Receivable - $225 Notes Payable - $165 Question: What is the average collection period for the year for Waitrose? (show your work and explain)
Required information Skip to question [The following information applies to the questions displayed below.] A local theater company sells 1,700 season ticket packages at a price of $300 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
During August 2024, Lima Company recorded the following: Requirements • Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Goods Sold. • Collections on account, $106,400. 2. Journalize Lima's transactions during August 2024, assuming Lima uses the allowance method. • Write-offs of uncollectible receivables, $990. • Recovery of receivable previously written off, $800. Requirement 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Sales of $133,300 ($122,000 on account, $11,300 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entratable. Prepare a single compound journal entry.) Accounts and Explanation Debit Credit Date Aug
Majan Company sold tickets for the 2011 shows for $ 112.500. A total of 10 shows will be viewed during May June and July. In May. 3 shows were viewed In June. 4 shows were viewed. The balance in Unearned Revenue at June 30 is: a. $ 28,125 b. $ 70,312.5 c $ 0 d $ 33,750
The New Orleans Adventures financial information for the year ended December 31 is as following: Accounts Amount Sales $24,500,000 Cost of goods sold 10,900,000 Operating expenses 6,300,000 Income tax expense 500,000 Loss on discontinued operations 100,000 Required: Prepare an income statement. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers. Prepare an income statement. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers.
The following selected accounts and the current balances apper in the ledger of Acct 201 Co., for the fiscal year ended May 31, 2020. To answer the questions below, it will be helpful to use a scratch piece of paper and prepare a multiple-step income statement (Note: not all of the listed accounts are used on the income statement. Select those that should appear on the income statement.) Advertising Expense $550Cost of Merchandise Sold 7,850Customer Refunds Payable 40Delivery Expense 16Depreciation Expense-Office Equipment 50Depreciation Expense-Store Equipment…
The New Orleans Adventures financial information for the year ended December 31 is as following: Accounts Amount Sales $24,500,000 Cost of goods sold 10,900,000 Operating expenses 6,300,000 Income tax expense 500,000 Loss on discontinued operations 100,000 Required: Prepare an income statement. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers. Prepare an income statement. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers. New Orleans Adventures Income Statement 1 2 3 4 5 6 7…
The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 31,100.00 31,130.00 Sales 324,360.00 Sales Returns and Allowances 13,970.00 Sales Discounts 7,620.00 Purchases 126,210.00 Purchases Returns and Allowances 1,020.00 Purchases Discounts 1,110.00 Freight In 8,460.00 Selling Expenses 61,470.00 General Expenses 51,751.00 300,581.00 357,620.00 Net Income 57,039.00 357,620.00 357,620.00 From the information given, prepare an income statement for the company. Ralley CompanyIncome StatementFor Year Ended August 31, 20-- (See images)
The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 32,000.00 31,000.00 Sales 324,000.00 Sales Returns and Allowances 13,310.00 Sales Discounts 7,700.00 Purchases 126,360.00 Purchases Returns and Allowances 1,200.00 Purchases Discounts 1,300.00 Freight In 7,500.00 Selling Expenses 61,560.00 General Expenses 50,884.00 299,314.00 357,500.00 Net Income 58,186.00 357,500.00 357,500.00 From the information given, prepare an income statement for the company. Ralley Company Income Statement For Year Ended August 31, 20-- Revenue from Sales: $fill in the blank 2 $fill in the blank 4 fill in the blank 6 fill in the blank 7 Net Sales $fill in…

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