Problem 9-34 (Algorithmic) (LO. 5) During 2021, Stork Associates paid $76,200 for a 20-seat skybox at Veterans Stadium for eight professional football games. Regular seats to these games range from $75 to $225 each. At one game, an employee of Stork entertained 18 clients. Stork furnished food and beverages for the event (provided by a local restaurant) at a cost of $1,800. The game was preceded by a bona fide business discussion, and all expenses are adequately substantiated. How much may Stork deduct for this event?
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- During 2021, Stork Associates paid $85,800 for a 20-seat skybox at Veterans Stadium for eight professional football games. Regular seats to these games range from $50 to $150 each. At one game, an employee of Stork entertained 18 clients. Stork furnished food and beverages for the event (provided by a local restaurant) at a cost of $1,800. The game was preceded by a bona fide business discussion, and all expenses are adequately substantiated. How much may Stork deduct for this event?$fill in the blank 1A catering hall receives a $5,000 up front fee for an October 2023 wedding. How much of this fee will be booked in Januray 2023 as revenue for the October wedding? 0 5,000 2,500 3,000 QUESTION 4 In spring 2014, Parmac Engineering Company signed a $160 million contract with the city of Parkersburg, to construct a new city hall. Expected construction 2 years at cost of $120 million. The city of Parkersburg paid $40 million when the contract was signed, $80 million within the next six months, and the final $40 million exactly one year from the signing of the contract. Parmac incurred $48 million in costs during 2014 and rest in 2015 to complete the contract on time. Using the percentage-of-completion method how much revenue should Parmac recognize in 2014 What is the total gross profit the company wil earn over two years? O 160 million 40 million 120 million 80 million 2T. Boone Pickens football stadium at Oklahoma State University has a seating capacity of about 40,000. Assume the stadium sells out all four home games before the season begins and the athletic department collects $31 million in ticket sales.1. What was the average price per season ticket and average price per individual game ticket sold? (Round your answers to the nearest dollar amount.) Average price per season ticket Average price per individual game ticket 2. & 3. Record the following transactions for the ticket sales. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions. Round your answers to the nearest dollar amount.) Record the advance collection of $31 million in ticket sales. Transaction General Journal Debit Credit 1 Record the…
- The Audubon Society at Enormous State University (ESU) is planning its annual fund-raising "Eat-a-thon." The society will charge students 50¢ per serving of pasta. The only expenses the society will incur are the cost of the pasta, estimated at 16¢ per serving, and the $340 cost of renting the facility for the evening. (a) Write down the associated cost function C(x) in dollars. C(x) = Write down the revenue function R(x) in dollars. R(x) = Write down the profit function P(x) in dollars. P(x): = (b) How many servings of pasta must the Audubon Society sell to break even? servings (c) What profit (or loss) results from the sale of 1,500 servings of pasta? $T. Boone Pickens football stadium at Oklahoma State University has a seating capacity of about 40,000. Assume the stadium sells out all six home games before the season begins and the athletic department collects $31 million in ticket sales.1. What was the average price per season ticket and average price per individual game ticket sold? (Round your answers to the nearest dollar amount.)The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 114,000 fans. Assume the stadium sells out all six home games before the season begins, and the athletic department collects $102.6 million in ticket sales. Required: 1. What is the average price per season ticket and average price per individual game ticket sold? 2. Record the advance collection of $102.6 million in ticket sales. 3. Record the revenue recognized after the first home game is completed.
- On January 1, 2021, Kendall Inc. began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 $ 266,000 September 1, 2021 $ 345,000 December 31, 2021 $ 345,000 March 31, 2022 $ 345,000 September 30, 2022 $ 266,000 Kendall borrowed $670,000 on a construction loan at 9% interest on January 1, 2021. This loan was outstanding throughout the construction period. The company had $3,850,000 in 8% bonds payable outstanding in 2021 and 2022.What was the interest (using the specific interest method) capitalized for 2022?Sheridan City College sold season tickets for the 2022 football season for $242000. A total of 8 games will be played during September, October and November. In September, two games were played. In October, three games were played. The balance in Unearned Ticket Revenue at October 31 is O $0. O $151250. Ⓒ $90750. O $60500.Lerner College, a not-for-profit liberal arts college, charges the total cost of running its research library to its three academic programs: the humanities, the social sciences, and the sciences. Rent and utilities for the library space costs $30,000 per month. Salaries for the library’s employees total $275,000 per year, plus an additional 24% for benefits. The depreciation on the library's office equipment is $32,000 each year. Other library expenses – including supplies, books, subscriptions – are equal to $14,000 per month. The total cost of running the research library is allocated to each of the three academic programs based on the number of students in each of the three programs. The humanities program has 440 students; the social sciences program has 390 students; the sciences program has 260 students. The teaching staff for the social sciences program earns $650,000 per year in salaries and benefits. In addition, the social sciences program consumes $9,500 of supplies each…
- P7-19 (similar to) Question Help Your firm has been hired to develop new software for the university's class registration system. Under the contract, you will receive $506,000 as an upfront payment. You expect the development costs to be $444,000 per year for the next 3 years. Once the new system is in place, you will receive a final payment of $866,000 from the university 4 years from now. a. What are the IRRs of this opportunity? (Hint: Build an Excel model which tests the NPV at 1% intervals from 1% to 40%. Then zero in on the rates at which the NPV changes signs.) b. If your cost of capital is 10%, is the opportunity attractive? Suppose you are able to renegotiate the terms of the contract so that your final payment in year 4 will be $1.2 million. c. What is the IRR of the opportunity now? d. Is it attractive at the new terms? a. What are the IRRs of this opportunity? (Hint: Build an Excel model which tests the NPV at 1% intervals from 1% to 40%. Then zero in on the rates at which…Florida College sold season tickets for the 2022 football season for $240,000. A total of eight games will be played during September, October, and November. In September, two games were played. In October, three games were played. The balance in Unearned Ticket Revenue at October 31 is a $60,000. b $0. c $90,000. d $150,000.P22-38 (similar to) Bobwhite Laundromat is trying to enhance the services it provides to customers, mostly college students. It is looking into the purchase of new high-efficiency washing machines that will allow for the laundry's status to be checked via smartphone. Bobwhite estimates the cost of the new equipment at $191,000. The equipment has a useful life of 9 years. Bobwhite expects cash fixed costs of $76,000 per year to operate the new machines, as well as cash variable costs in the amount of 5% of revenues. Bobwhite evaluates investments using a cost of capital of 10%. Present Value of $1 table Present Value of Annuity of $1 table Future Value of $1 table Future Value of Annuity of $1 table Read the requirements. Requirement 1. Calculate the payba (Round your answer to two decimal p The payback period in years, for the 1. Requirements Calculate the payback period and the discounted payback period for this investment, assuming Bobwhite expects to generate $150,000 in incremental…