Big Blue University has a fiscal year that ends on June 30. The 2013 summer sess
ID: 2466900 • Letter: B
Question
Big Blue University has a fiscal year that ends on June 30. The 2013 summer session of the university runs from June 7 through July 29. Total tuition paid by students for the summer session amounted to $118,000.
Required: a. How much revenue should be reflected in the fiscal year ended June 30, 2013?
Kirkland Theater sells season tickets for six events at a price of $82. In pricing the tickets, the planners assigned the leadoff event a value of $30 because the program was an expensive symphony orchestra. The last five events were priced equally; 1,350 season tickets were sold for the 2013 season
b.
Calculate the theater's earned revenue after the first three events have been presented
Required:
b.
Calculate the theater's earned revenue after the first three events have been presented
Explanation / Answer
Period for which tution fees is earned : 7th june to 29 july = 53 days No of days from 7th june to 30th june = 24days Tution fees to be recognised in year endin 30, june = 118000*24days/53 days = 53433.96226 $ Event ticket price ($) no of tckts sold Revenue to be recognised ($) 1 82 1350 110700 2 82 1350 110700 3 82 1350 110700 4 82 1350 110700 5 82 1350 110700 6 112 1350 151200 Thaters Earned revenue after first 3 event = $110700+$110700+$151200 = 372600 $
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