[The following information applies to the questions displayed below.] Vacation D
ID: 2497434 • Letter: #
Question
[The following information applies to the questions displayed below.]
Vacation Destinations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below.
1.
value:
1.00 points
Required information
Record the employee salary expense, withholdings, and salaries payable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
References
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Problem ADifficulty: MediumLearning Objective: 08-03 Account for employee and employer payroll liabilities.
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2.
value:
1.00 points
Required information
Record the employer-provided fringe benefits. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
References
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Problem ADifficulty: MediumLearning Objective: 08-03 Account for employee and employer payroll liabilities.
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3.
value:
1.00 points
Required information
Record the employer payroll taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
References
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[The following information applies to the questions displayed below.]
Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.2 million cash on October 1, 2015, to provide working capital for anticipated expansion. Precision signs a one-year, 8% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end.
4.
value:
1.00 points
Required information
Prepare the journal entries on October 1, 2015, to record the issuance of the note. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.Enter your answers in dollars, not in millions.)
References
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Problem ADifficulty: MediumLearning Objective: 08-02 Account for notes payable and interest expense.
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5.
value:
1.00 points
Required information
Record the adjustment on December 31, 2015. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in dollars, not in millions.)
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Problem ADifficulty: MediumLearning Objective: 08-02 Account for notes payable and interest expense.
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6.
value:
1.00 points
Required information
Prepare the journal entry on September 30, 2016, to record payment of the notes payable at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in dollars, not in millions.)
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[The following information applies to the questions displayed below.]
The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 106,000 fans. Assume the stadium sells out all five home games before the season begins, and the athletic department collects $87.45 million in ticket sales.
7.
value:
1.00 points
Required information
What is the average price per season ticket and average price per individual game ticket sold? (Enter your answers in dollars, not in millions.)
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Problem ADifficulty: MediumLearning Objective: 08-04 Explain the accounting for other current liabilities.
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8.
value:
1.00 points
Required information
Record the advance collection of $87.45 million in ticket sales. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions.)
References
eBook & Resources
Problem ADifficulty: MediumLearning Objective: 08-04 Explain the accounting for other current liabilities.
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9.
value:
2.00 points
Required information
Record the revenue earned after the first home game is completed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions.)
References
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Vacation Destinations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below.
Explanation / Answer
7)I am answering 7th question
1)
average price per ticket=87.45/5/10600
=$165 per ticket
average price per season =no of season* ticket price
165*5
=$825
2)
cash (db) $87.45 mn
unearned revenue (cr) $87.45 mn
3)Unearned revenue(db) $17.49mn
Revenue (cr) $17.49 mn
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