Corn Dog Corp expects net income next year to be $609,000. Inventory and accounts receivable will have to be increased by $302,000 to accommodate this sales level. Corn Dog will pay dividends of $403,000. How much external financing will Corn Dog need assuming no organically generated increase in liabilities

Answers

Answer 1

Answer:

$96,000

Explanation:

Increase in current assets = $302,000

Retained earnings = Net income - Dividends

Retained earnings = $609,000 - $403,000

Retained earnings = $206,000

External financing needed = Increase in current assets - Retained earnings

External financing needed = $302,000 - $206,000

External financing needed = $96,000


Related Questions

Pattison Products, Inc., began operations in October and manufactured 40,000 units during the month with the following unit costs:
Direct materials $5.00
Direct labor 3.00
Variable overhead 1.50
Fixed overhead 7.00
Variable marketing cost 1.20
Fixed overhead per unit 1.20
Total fixed factory overhead is $280,000 per month. During October, 38,400 units were sold at a price of $24, and fixed marketing and administrative expenses were $130,500.
Required:
1. Calculate the cost of each unit using absorption costing.
2. How many units remain in ending inventory? What is the cost of ending inventory using absorption costing?
3. Prepare an absorption-costing income statement for Pattison Products, Inc., for the month of October.

Answers

Answer:

Following are the responses to the given question:

Explanation:

For question 1:

Calculating the cost per unit:

[tex]\text{Direct material}\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$5\\\\\text{Direct labor} \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$3\\\\\text{Variable overhead}\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$1.5\\\\\text{Fixed overhead}\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$7\\\\\text{Cost per unit}\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$16.5\\\\[/tex]

For question 2:

Calculating the ending inventory units:

[tex]= \text{Beginning inventory + units produced - ending inventory}\\\\= 0+40,000-38,400\\\\= 1600\ units\\\\[/tex]

Calculating the cost for the Ending inventory:

[tex]=1600\ units \times \$16.5\\\\=\$26,400\\\\[/tex]

For question 3:

Calculating the absorption costing for the income statement:

Particular                                             Amount

Sales [tex](38,400\times \$24)\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$921,600[/tex]

-COGS[tex](38,400\times \$16.5)\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$633,600[/tex]

Gross profit                                          [tex]\$288,000[/tex]

Cost of variable marketing  [tex](\$1.2\times 38,400)\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$46,080[/tex]

marketing and administrative costs are fixed [tex]\$130,500[/tex]

Net income                                            [tex]\$111,420[/tex]

Customers exhibit a Poisson arrival distribution and the barber must provide an exponential service distribution. Market data indicates that customers arrive at a rate of 2 per hour. It will take an average of 20 minutes to give a haircut, and that business would remain unchanged with customers arriving at a rate of two per hour. Find the following information to help Benny decide if a second chair should be added:

a. The average number of customers waiting.
b. The average time a customer waits.
c. The average time a customer is in the shop.

Answers

Answer: the answer is b

Explanation:

MC Qu. 74 Differential Chemical produced... Differential Chemical produced 12,000 gallons of Preon and 16,000 gallons of Preon. Joint costs incurred in producing the two products totaled $8,500. At the split-off point, Preon has a market value of $6.00 per gallon and Preon $3.00 per gallon. Compute the portion of the joint costs to be allocated to Preon if the value basis is used.

Answers

Answer:

$5,100

Explanation:

The calculation of the portion of the joint cost for Preon allocation is shown below:

= Total joint cost for two products × (Preon cost ÷ Total cost)

Here,

Total joint cost = $8,500

Preon cost = 12,000 gallons × $6 per gallon = $72,000

And, the total cost is

= 12,000 gallons × $6 per gallon + 16,000 gallons × $3 per gallon

= $72,000 + $48,000

= $120,000

So, the allocated cost should be  

= $8,500 × ($72,000 ÷ $120,000)

= $5,100

= $4,500

pls help me with in this i just want the 3 and 4th one...​

Answers

Answer:

3. The special concept reminded by the phrase "Exchanging Butter Cake for Dates" is:

Trade by barter.

4. The need fulfilled by this business is people's demand for Cake.

The want fulfilled by this business is the organization's supply of dates for its production of cake.

Explanation:

A trade by barter involves the exchange of one good or service by one trading party for another good or service from the coincidental trading party without the use of money or monetary mediums.  Trade by barter enables people without money to fulfill their needs.  The major problem with trade by barter is that there must be coincidence of wants by the two trading partners.  This is not always feasible.

The production possibilities model illustrates an inverse relationship between two goods or services because Group of answer choices of diminishing returns. some goods are more difficult to produce that others. the opportunity cost of producing more of something will rise. production of different types will compete for limited resources.

Answers

Answer:

production of different types will compete for limited resources.

Explanation:

The production possibilities curve (PPC) is also known as the production possibilities frontier (PPF) and its a curve which illustrates the maximum (best) combinations of two products that can be produce in an economy if they both depend on these factors;

1. Technology is fixed.

2. Resources are fixed.

Hence, the production possibilities curve represents maximum combinations of products available with fixed resources and technology.

Additionally, the production possibilities curve influences the choice of production used by companies and as such it helps to make the best decision regarding the optimum product mix for a company.

Basically, the production possibilities model illustrates an inverse relationship between two goods or services (an increase in the production of one good or service results in a decrease in the production of another and vice-versa) because production of different types will compete for limited resources.

This ultimately implies that the manufacturing or production of one item (product) is likely to rise or increase provided the production of the other item (product) falls or decreases.

Selected financial information for Solomon Company for 2019 follows:
Sales $ 2,500,000
Cost of goods sold 1,750,000
Merchandise inventory
Beginning of year 154,000
End of year 200,000
Required
Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during 2019? (Round your answer to 2 decimal places.)
Merchandise inventory turnover _________ times

Answers

Answer:

9.89 times

Explanation:

Calculation to determine the merchandise inventory turn over during 2019

First step is calculate the Average Inventory using this formula

Average Inventory = (Opening Inventory + Closing Inventory) / 2

Let plug in the formula

Average Inventory= (154,000 + 200,000) / 2

Average Inventory= 354,000 / 2

Average Inventory= 177,000

Now let determine the Merchandise Inventory Turnover using this formula

Merchandise Inventory Turnover = Cost of goods sold/ Average Inventory

Let plug in the formula

Merchandise Inventory Turnover= 1,750,000 / 177,000

Merchandise Inventory Turnover= 9.89 times

Therefore Assuming that the merchandise inventory buildup was relatively constant, the merchandise inventory turn over during 2019 is 9.89 times

Marwick Corporation issues 8%, 5-year bonds with a par value of $1,100,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 6%.
What is the bond's issue (selling) price, assuming the following Present Value factors:
1n = i = Present value of an annuity Present value of 1
(Series of payments) (Single sum)
5 8% 3.9927 0.6806
10 4% 8.1109 0.6756
5 6% 4.2124 0.7473
10 3% 8.5302 0.7441

Answers

Answer: $1,193,838.80

Explanation:

The price of a bond is the sum of the present value of the coupon payments and the face value at maturity.

= Present value of coupon payments + Present value of face value at maturity

First adjust the variables for semi-annual:

Number of periods = 5 * 2 = 10 semi annual periods

Coupon payment = 8% * 1,100,000 * 1/2 years = $44,000

Yield = 6% / 2 = 3%

Present value of coupon payments:

The coupon payments are constant so are an annuity:

= Annuity * Present value of an annuity factor, 10 periods, 3%

= 44,000 * 8.5302

= $375,328.80

Present value of face value

= 1,100,000 * Present value of 1, 3%, 10 periods

= 1,100,000 * 0.7441

= $818,510

Selling price:

= 375,328.80 + 818,510

= $1,193,838.80

The maximum price that can be asked for the new jPad model is $2,000 at which point they would sell 0 units. It costs Pear $600 to manufacturer and deliver these jPads to their stores. Determine the optimal price for this new jPad, which can be assumed to operate in a monopoly (at least upon introduction).

Answers

Answer: $700

Explanation:

Based on the information given in the question, the optimal price for this new jPad, which can be assumed to operate in a monopoly will be calculated thus:

P = 2000+Q

TR = P × Q

TR = (2000 + Q) × Q

TR = 2000Q + Q²

MR = 2000 + 2Q

MC = 600

Since marginal revenue equals to marginal cost, this will be:

MR = MC

2000+2Q = 600

2Q = 2000 - 600

2Q = 1400

Q = 1400/2

Q = 700

A stronger euro is less favorable for:

Answers

Group of answer choices.

A. German tourists traveling abroad.

B. American tourists traveling in France.

C. Canadian firms selling in Germany.

D. Canadian investors with money investments in Germany.

Answer:

B. American tourists traveling in France.

Explanation:

A foreign exchange market can be defined as a type of market where the currency of a country is converted to that of another country.

For example, the conversion of the United States of America dollars into naira, rands, yen, pounds, euros, etc., at the foreign exchange market.

In this context, a stronger euro is less favorable for American tourists traveling in France because the currency of the Americans, which is the U.S dollars would exchange at a far lesser rate to the euros.

However, a stronger euro would be more favorable for German tourists that are traveling abroad, Canadian firms that trade or sells its products in Germany, and Canadian investors who are having money investments in Germany.

Note: Euro is the official currency (legal tender or money) of Germany.

Considering the available options, a stronger euro is less favorable for "American tourists traveling in France."

This is because the United States of America uses the dollar as currency, while European countries, including France, are using Euro.

Thus, should an American carry dollar to France, and meets a stronger Euro, has a value of money (dollar) would be reduced, and therefore would be less favorable to him.

Option A is wrong because German tourists traveling abroad are favorable to the German as the Euro is stronger.

Option C is wrong because Canadian firms selling in Germany would earn in Euro, thereby getting money with more value.

Option D is wrong because Canadian investors with money investments in Germany would earn in Euro.

Hence, in this case, it is concluded that the correct answer is option B. "American tourists traveling in France."

Group of answer choices.

A. German tourists traveling abroad.

B. American tourists traveling in France.

C. Canadian firms selling in Germany.

D. Canadian investors with money investments in Germany.

Learn more here: https://brainly.com/question/1437489

On August 1, Batson Company issued a 60-day note with a face amount of $49,800 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest calculations.) a. Determine the proceeds of the note assuming the note carries an interest rate of 8%. fill in the blank 1 b. Determine the proceeds of the note assuming the note is discounted at 8%.

Answers

Answer: See explanation

Explanation:

a. Determine the proceeds of the note assuming the note carries an interest rate of 8%.

The proceeds of the note is the face value which is $49800.

b. Determine the proceeds of the note assuming the note is discounted at 8%.

Face amount: $49800

Less: Interest = $49800 × 8% × 60/360 = $664

Proceed of the note = $49136

Common property resources like fish stocks in open waters tend to be overutilized because :________.
A. the marginal social cost is always equal to the private marginal cost.
B. the marginal social cost is less than the private marginal cost.
C. the marginal social cost is greater than the private marginal cost.
D. none of the above.

Answers

Answer:

C. the marginal social cost is greater than the private marginal cost.

Explanation:

In the case when there is common property resources such as the fish stock that lies in the open waters should be overutilized as the marginal social cost should be more than the private marginal cost because if there is high utlization so it will make the problem in the environment also the cost should be borne by the present and upcoming generations

Therefore the option c is correct

Risk is a necessary ‘evil’ evil’, support this assessment and give advice risk
managers on how to resolve the effects.

Answers

For a high-risk investment, managers require a high reward.

Total planned expenditure (equals total output) is 14,000 when autonomous consumption expenditure is 450. When autonomous consumption expenditure falls to 400, total planned expenditure (equals total output) is 13,800. The marginal propensity to consume is _______. A) 0.89 B) 0.75 C) 0.99 D) 0.44

Answers

Answer:

The marginal propensity to consume = 0.25

Explanation:

Given:

Planned expenditure = 14,000

Consumption expenditure = 450

New consumption expenditure = 400

New planned expenditure = 13,800

Find:

The marginal propensity to consume

Computation:

The marginal propensity to consume = [Consumption expenditure - New consumption expenditure] / [Planned expenditure - New planned expenditure]

The marginal propensity to consume = [450 - 400] / [14,000 - 13,800]

The marginal propensity to consume = 50 / 200

The marginal propensity to consume = 0.25

QS 8-4 Units-of-production depreciation LO P1 On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it will use this equipment for four years and perform 200 concerts. It estimates that after four years it can sell the equipment for $2,000. During the first year, the band performs 45 concerts. Compute the first-year depreciation using the units-of-production method.

Answers

Answer:

$14,355

Explanation:

Activity method based on output = (output produced that year / total output of the machine) x (Cost of asset - Salvage value)

(45/200) x ($65,800 - $2000) =

0.225 x 63800

$14355

An important feature of a job order cost system is that each job:_______.
a. must be similar to previous jobs completed .
b. must be completed before a new job is accepted.
c. consists of one unit of output
d. has its own distinguishing characteristics .

Answers

Answer:

D

Explanation:

it has it's own distinguishing characteristics ....Form used to record the cost chargeable to a specific job and to determine the total and unit cost of the completed job

Nate borrowed $38,672 from bank and his friends to expand his casino business. Nate set up an aim to pay $2,450 at the end of each week for 16 weeks. Assume each year has 52 weeks. What are the nominal rate per year and the effective interest rate per year?

Answers

Answer:

Hence, the Nominal annual rate is 20.28%.  

Effective annual rate is 22.43%.

Explanation:  

Amount borrowed = $38,672.  

Weekly repayment for 16 weeks = $2,500.  

Loan repayment = (Loan amount x r) / {1-(1+r)-n}  

$2,450 = ($38,672 x r)/{1-(1+r)-16}  

r= 0.39%  

Weekly interest rate = 0.39%  

Nominal annual rate = 0.39 % x  52 weeks = 20.28%  

Effective annual rate = [tex](1 + 0.0039^{52} ) - 1[/tex] = 0.2243 = 22.43%

The rate of earnings is 6% and the cash to be received in 4 years is $20,000. The present value amount, using the following partial table of present
value of $1 at compound interest is
Year
6%
10%
12%
1
0.943
0.909
0.893
2
0.890
0.826
0.797
3
0.840
0.751
0.712
4
0.792
0.683
0.636
a. $12.720
Ob. $16,800
Oc. 513,660
Od. $15.840

Answers

Answer:

$15,840

Explanation:

Present value = Future value / (1 + r)^n

Rate, r = 6% = 0.06

Future value = $20,000

Number of years, n = 4

Present value = $20000 / (1 + 0.06)^4

Present value = $20000 / 1.06^4

Present value = $20,000 / 1.26247696

Present value = $15841.873

Using the partial table of present values :

Present value = Future value * PV(6%, 4)

PV at 6%, 4 years = 0.792

Present value = $20,000 * 0.792 = $15,840

On December 1 of 2017, APU, a U.S. company, makes a sale to a Spanish customer. Sales price is 1,600,000 euro, and the spot rate is $1.45 per euro. APU allows the customer 3 months to pay On March 1 of 2018, APU collects the sales amount with spot rate $1.49 per euro.
Prepare the journal entries.

Answers

Answer:

APU

Journal Entries:

December 1, 2017:

Debit Accounts receivable $2,320,000

Credit Sales Revenue $2,320,000

To record the sale of goods on account.

March 1, 2018:

Debit Cash $2,384,000

Credit Accounts receivable $2,320,000

Credit Gain from Foreign Exchange $64,000

To record the receipt of cash, including the gain from forex.

Explanation:

a) Data and Analysis:

December 1, 2017: Accounts receivable $2,320,000 Sales Revenue $2,320,000 (1,600,000 * $1.45)

March 1, 2018: Cash $2,384,000 (1,600,000 * $1.49) Accounts receivable $2,320,000 Gain from Foreign Exchange $64,000 (1,600,000 * ($1.49 - $1.45)

When real GDP grows more slowly than potential GDP, labor productivity falls. the unemployment rate rises. nominal GDP rises. the unemployment rate falls.

Answers

Answer:

the unemployment rate rises.

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Potential GDP is the GDP of an economy when labour and capital are employed at their sustainable rate.

Real GDP has been adjusted for inflation. It reflects the value of goods and services produced in an economy.

When the real GDP of an economy grows more slowly than potential GDP, it means that the resources in the economy, labour and capital are not employed at their sustainable rate. This is referred to as output gap. As a result of the output gap, the unemployment level rises

Fore Farms reported a pretax operating loss of $137 million for financial reporting purposes in 2021. Contributing to the loss were (a) a penalty of $5 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2021 and (b) an estimated loss of $12 million from accruing a loss contingency. The loss will be tax deductible when paid in 2022. The enacted tax rate is 25%. There were no tem

Answers

Answer: Hello your question is incomplete attached below is the complete question

answer:

1) attached below

2) Net operating income ( loss )  = - $104 million

Explanation:

Pretax operating loss = - $137 million

Non deductible Losses ; $5 million fine paid in 2021 ,

estimated $12 million loss from contingency that will be tax deductible in 2022

Enacted tax rate = 25%

Taxable operating income = - $120 million

attached below is the solution

Wang Co. manufactures and sells a single product that sells for $540 per unit; variable costs are $324 per unit. Annual fixed costs are $836,000. Current sales volume is $4,290,000. Management targets an annual pre-tax income of $1,215,000. Compute the unit sales to earn the target pre-tax net income.

Answers

Answer: 9,495 units

Explanation:

First find the contribution margin:

= Sales price - Variable cost

= 540 - 324

= $216 per unit

The unit sales required can be calculated by the formula:

= (Annual pre-tax income target + Fixed cost) / Contribution margin

= (1,215,000 + 836,000) / 216

= 9,495.37 units

= 9,495 units

The Most Brilliant Professor Mullen Company's past experience indicates that 60% of its credit sales are collected in the month of sale, 30% in the next month, and 5% in the second month after the sale; the remainder (5%) is never collected. Budgeted credit sales were: January $240,000 February 144,000 March 360,000 The cash inflow (CRJ) in the month of March is expected to be A) $271,200. B) $205,200. C) $216,000. D) $259,200.

Answers

Answer: A. $271,200

Explanation:

Cash inflow in March will be:

= (60% * March sales) + (30% * February sales) + (5% * January sales)

= (60% * 360,000) + (30% * 144,000) + (5% * 240,000)

= 216,000 + 43,200 + 12,000

= $271,200

Doogan Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 2.0 grams $ 7.00 per gram Direct labor 0.6 hours $ 14.00 per hour Variable overhead 0.6 hours $ 6.00 per hour The company produced 4,600 units in January using 10,120 grams of direct material and 2,100 direct labor-hours. During the month, the company purchased 10,690 grams of the direct material at $7.20 per gram. The actual direct labor rate was $14.55 per hour and the actual variable overhead rate was $5.90 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for January is:

Answers

Cara has just come in for her morning shift , but the sales floor is a mess . Looks like the night crew didn't clean up . She groans , but then gets to work cleaning the displays before customers come . If she doesn't , who else will ? What good problem - solving skills is she exhibiting? a ) Seeking advice when necessary Ob ) Open to seeing new perspectives c ) Having a solutions - oriented attitude

Bramble Corp. is planning to sell 1200 boxes of ceramic tile, with production estimated at 1170 boxes during May. Each box of tile requires 44 pounds of clay mix and a 0.50 hour of direct labor. Clay mix costs $0.40 per pound and employees of the company are paid $10 per hour. Manufacturing overhead is applied at a rate of 110% of direct labor costs. Bramble has 3200 pounds of clay mix in beginning inventory and wants to have 4100 pounds in ending inventory. What is the total amount to be budgeted for manufacturing overhead for the month

Answers

Answer: $6,435

Explanation:

Manufacturing overhead is applied at a rate of 110% of direct labor costs.

Direct labor costs:

= Budgeted number of boxes to be produced* number of direct labor hours required * employee salary per hour

= 1,170 * 0.50 * 10

= $5,850

Manufacturing overhead is 110% of this:

= 5,850 * 110/100

= $6,435

Unilever has a subsidiary in Japan. The valuation of this MNC should
rise when an event causes the expected cash flows from Japan to ____
and when JPY is expected to ____.

Answers

Answer: increase; appreciate.

Explanation:

A multinational firm is regarded as a firm that's located in different countries. It should be noted that the valuation of this multinational company should

rise when there's an event that causes the expected cash flows from Japan to increase and also when the currency JPY is expected to appreciate. Appreciate her simply means when there's an increase in the value of JPY.

A company produces a single product. Variable production costs are $12.50 per unit and variable selling and administrative expenses are $3.50 per unit. Fixed manufacturing overhead totals $41,000 and fixed selling and administration expenses total $45,000. Assuming a beginning inventory of zero, production of 4,500 units and sales of 3,850 units, the dollar value of the ending inventory under variable costing would be: Multiple Choice $10,400 $5,850 $8,125 $13,975

Answers

Answer:

the third option is correct - $8,125

Explanation:

The calculation of the ending inventory under variable costing is given below:

Ending inventory value (Variable costing) os

= Variable production cost per unit × No. of units

= $12.50 × (4,500 - 3,850)  

= $8,125,

Hence, the ending inventory under variable costing is $8,125

Therefore the third option is correct

Consider the following potential events that might have occurred to Global on December 30, 2010. Global used $20.9 million of its available cash to repay $20.9 million of its long-term debt. Which of the following statements is correct?

a. Global used $20.9 million of its available cash to repay $20.9 million of its long-term debt.
b. A warehouse fire destroyed $4.8 million worth of uninsured inventory.
c. Global used $5.4 million in cash and $5.5 million in new long-term debt to purchase a $10.9 million building.
d. A large customer owing $3.5 million for products it already received declared bankruptcy, leaving no possibility that Global would ever receive payment.
e. Global's engineers discover a new manufacturing process that will cut the cost of its flagship product by more than 55%
f. A key competitor announces a radical new pricing policy that will drastically undercut Global's prices.

Answers

Answer:

a. Global used $20 million of its available cash to repay $20 million of its long-term debt.

Explanation:

Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.
Apr. 1 Sold merchandise for $2,000, granting the customer terms of 2/10, End of Month; invoice dated April 1. The cost of the merchandise is $1,400.
Apr. 4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost $350, is returned to inventory.
Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.

Answers

Answer:

Apr 01

Dr Accounts receivable $2,000

Cr Sales $2,000

Apr 01

Dr Cost of goods sold $1,400

Cr Merchandise inventory $1,400

Apr 04

Dr Sales returns and allowances $500

Cr Accounts receivable $500

Apr 04

Dr Merchandise inventory $350

Cr Cost of goods sold $350

Apr 11

Dr Cash $1,500

Cr Accounts receivable $1,500

Explanation:

Preparation of the journal entries to record each of the following sales transactions of a merchandising company

Apr 01

Dr Accounts receivable $2,000

Cr Sales $2,000

Apr 01

Dr Cost of goods sold $1,400

Cr Merchandise inventory $1,400

Apr 04

Dr Sales returns and allowances $500

Cr Accounts receivable $500

Apr 04

Dr Merchandise inventory $350

Cr Cost of goods sold $350

Apr 11

Dr Cash $1,500

Cr Accounts receivable $1,500

($2,000-$500)

Blue Spruce University sells 4,500 season basketball tickets at $140 each for its 12-game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game.

Answers

Answer:

a. Total revenue received:

= 4,500 * 140

= $630,000

Date                 Account Title                                           Debit              Credit

XX-XX-XXXX  Cash                                                     $630,000

                        Unearned revenue                                                     $630,000

Revenue is unearned because the games have not been played yet therefore Blue Spruce University has not provided the service for which it was paid and has not earned the revenue.

b. The revenue per game is:

= 630,000 / 12 games

= $52,500

Date                 Account Title                                           Debit              Credit

XX-XX-XXXX   Unearned Revenue                             $52,500

                        Revenue - Ticket Sales                                               $52,500

The biggest question Sally has for you is about recovering the initial capital invested which she wishes to bundle as the initial building and land costs well as the future roof and common area expenses. The income stream for the apartment complex is only monthly rent money. How much should she charge for monthly rent in order to at least recover the bundled capital invested

Answers

Answer:

Sally should charge $1,280 per month for 18 months.

Explanation:

Sally has bought the land for $8,000 and she has invested in constructing the building  $12,040. She has further invested  $2,000 for future roof and common area expenses amount to  $1,000. The total capital she has invested is  $23,040. She should charge  $1,280 per month for next 18 months in order to cover the bundled capital investment.

Other Questions
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