A stadium has held a concert over the weekend. Following are the facts of the event:

The artist was guaranteed $4,250,000 plus 4% of general admission ticket sales net of applicable taxes. The artist will be reimbursing the stadium for costs of putting up and taking down the stage, security, police, EMT and Fire. The artist will be giving the stadium fees of $15,000 for the right to sell merchandise for the event on their own, $80,000 for the right to use the stadiums concert flooring, and $500,000 as a rental fee.

Paid attendance for the event was 52,000 of which 87% of the seats were sold in general admission locations and the remaining 13% were sold in the suites.

The average general admission ticket was sold for $80.

The average suite seat was sold for $250 of which $100 was the ticket price and $150 was the license fee component.

25% of general admission tickets were sold online through a third-party platform. The third party retains 7% of the revenue for each ticket sold.

A facility fee of $3.00 was charged for every ticket sold.

The stadium collects a 2% ticket royalty on ticket sales only.

The price per car parked was $40 and the patrons that attended the event average 2.5 patrons per car.

The no-show rate for the show was 5%.

The concessions agreement calls for concessions to be paid to the stadium at 38%.

Per capita food and beverage spending for the concert was $19.50.

The tax rate in the state of operation is 6% and only applies to all ticket sales.

The stadium employed 500 security persons for the event. The union collective bargaining agreement calls for a 7-hour shift. The union rate is $25.50/hour which is inclusive of all benefits. Each security person worked 5 hours.

The stadium employed 100 cleaners for after the event. The union rate is $18/hour which is inclusive of all benefits. Each cleaner worked 3 different 8 hour shifts.

It cost $450,000 to put up and take down the stage.

Other costs included:

Stadium maintenance - $70,000

Parking - $60,000

EMT - $18,000

Fire - $7,000

Police - $95,000

Other - $34,000

Assignment

Create an event P&L statement using the data given above.

What is the loss or profitability created by this event?

Use only the data given above when completing the P&L statement for the event.

Use Excel Workbook or spreadsheet format with both calculations and answers.