Kirkland Theater sells season tickets for six events at a price of $180. In pric

Question

Kirkland Theater sells season tickets for six events at a price of $180. In pricing the tickets, the planners assigned the leadoff event a value of $45 because the program was an expensive symphony orchestra. The last five events were priced equally; 1,200 season tickets were sold for the 2010 season. Required: (a) Calculate the theater's earned revenue after the first three events have been presented. (Omit the "$" sign in your response.) Revenue earned $ (b) About 95% of the season ticket holders attended the first event. Subsequent events were attended by about 80% of the season ticket holders. To what extent, if any, should the attendance data impact revenue recognition? (Click to select)NoYes

Explanation / Answer

(a) Calculate the theater's earned revenue after the first three events have been presented. (Omit the "$" sign in your response.) Revenue earned $ (

earned revenue after the first three events= (45+27+27)*1200 = $118,800

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