Kirkland theater sells season tickets for six events at a, Ask an Expert

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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.

(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?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9981675

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