When a concert promotions company collects cash for ticket sales two months in advance of the show
Question:
When a concert promotions company collects cash for ticket sales two months in advance of the show date, which of the following accounts is affected?
a. Accounts Payable
b. Accounts Receivable
c. Prepaid Expense
d. Deferred Revenue
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
d Unearned Revenue is a liability that shows the revenues received in advance before a ...View the full answer
Answered By
Muhammad Imtiaz Rasool
Teaching profession brings with it lots of duties and challenges.
When I completed my Bachelor's Degree. So I entered this profession.
I am in this profession of teaching in a School for about 2 years. Every time whenever I am going to teach a class as a part of this noble profession .I am learning also. I am trying consistently ....how to represent, interpret, summarize and rethink about the whole concept I wish to teach or rather inspire my students in a specific period of time assigned to me.
0.00
0 Reviews
10+ Question Solved
Related Book For
Fundamentals Of Financial Accounting
ISBN: 9781265440169
7th Edition
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
Question Posted:
Students also viewed these Business questions
-
National Beverage Company produces its products two months in advance of anticipated sales and ships to warehouse centers the month before sale. The inventory safety stock is 10% of the anticipated...
-
National Beverage Company produces its products two months in advance of anticipated sales and ships to warehouse centers the month before sale. The inventory safety stock is 10% of the anticipated...
-
California Cement Co. produces its products two months in advance of anticipated sales and ships to warehouse centers the month before sale. The inventory safety stock is 20% of the anticipated...
-
Three years ago, Witt Gas Controls purchased equipment for $80,000 that was expected to have a useful life of 5 years with a $9000 salvage value . Increased demand necessitated an upgrade costing...
-
Air in a spring loaded piston/cylinder has a pressure that is linear with volume, P = A + BV. With an initial state of P = 150 kPa, V = 1 L and a final state of 800 kPa and volume 1.5 L it is similar...
-
Ann Stolton and Susie Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $ 15,000 and that Bright should...
-
Give some original examples of companies using information systems to add value.
-
Frank makes deposits into his savings account of $225 at the beginning of every three months. Interest earned by the deposits is 3% compounded quarterly. (a) What will the balance in Franks account...
-
bard 20203 My courses | (2) - on 9 Which of the following is usually not an accrued liability? red d out of ag question Select one: a. Interest payable b. Wages payable C. Taxes payable d. Notes...
-
what is your recommendation for this decision of America for Canada? This is a government that does not take its own national defense seriously, so why should anyone take it seriously? President Joe...
-
Which account is least likely to appear in an adjusting journal entry? a. Cash b. Interest Receivable c. Income Tax Expense d. Salaries and Wages Expense
-
Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts. Required: 1. Calculate the (preliminary)...
-
On March 12, 19X5, Brown & Brown, CPAs, completed the audit of the financial statements of Modern Museum, Inc., for the year ended December 31, 19X4. Modern Museum presents comparative financial...
-
Given forecast errors of 4, 8, and -3, what is the MAD? What is the MSE?
-
Padgett Rentals can purchase a van that costs \($48,000\) ; it has an expected useful life of three years and no salvage value. Padgett uses straight-line depreciation. Expected revenue is...
-
Rainwater Corp. expects to sell 600 umbrellas in May and 400 in June. Each umbrella sells for \($15\). Rainwaters beginning and ending finished goods inventories for May are 75 and 50 units,...
-
Don Moon is the owner of ABC Cleaning. At the beginning of the year, Moon had \(\$ 2,400\) in inventory. During the year, Moon purchased inventory that cost \(\$ 13,000\). At the end of the year,...
-
Agua Ole is a distributor of bottled water. For each of items a through c, compute the amount of cash receipts or payments Agua Ol will budget for September. The solution to one item may depend on...
-
Explain the difference between an assurance-type warranty and a service-type warranty.
-
Pearl Medavoy will invest $10,240 a year for 20 years in a fund that will earn 10% annual interest. . If the first payment into the fund occurs today, what amount will be in the fund in 20 years? If...
-
Katy Williams is the manager of Blue Light Arcade. The company provides entertainment for par-ties and special events. Prepare journal entries for the following events relating to the year ended...
-
Analyze the accounting equation effects of the transactions in M2- 19 using the format shown in the chapter and compute total assets, total liabilities, and total stockholders equity. a. Blue Light...
-
Charlies Crispy Chicken (CCC) operates a fast- food restaurant. When accounting for its first year of business, CCC created several accounts. Using the following descriptions, prepare a classified...
-
Your company BMG Inc. has to liquidate some equipment that is being replaced. The originally cost of the equipment is $120,000. The firm has deprecated 65% of the original cost. The salvage value of...
-
1. What are the steps that the company has to do in time of merger transaction? And What are the obstacle that may lead to merger failure? 2.What are the Exceptions to not to consolidate the...
-
Problem 12-22 Net Present Value Analysis [LO12-2] The Sweetwater Candy Company would like to buy a new machine that would automatically "dip" chocolates. The dipping operation currently is done...
Study smarter with the SolutionInn App