The Monks, a minor league baseball team, prepare financial statements on a monthly basis. Their season begins in April, but in March the team engaged in the following transactions: (a) Paid $240,000 to San Diego as advance rent for use of San Diego Stadium for the six month period April 1 through September 30. (b) Collected $480,000 cash from sales of season tickets for the team’s 20 home games. This amount was credited to Unearned Ticket Revenue. During the month of April, the Monks played five home games and four road games

Asavings account that pays interest every 3 months is said to have a interest period

Cash flows during the first year of operations for the harman-kardon consulting company were as follows: cash collected from customers, $385,000; cash paid for rent, $49,000; cash paid to employees for services rendered during the year, $129,000; cash paid for utilities, $59,000. in addition, you determine that customers owed the company $69,000 at the end of the year and no bad debts were anticipated. also, the company owed the gas and electric company $2,900 at year-end, and the rent payment was for a two-year period.

On january 2, well co. purchased 10% of rea, inc.’s outstanding common shares for $400,000, which equaled the carrying amount and the fair value of the interest purchased in rea’s net assets. well did not elect the fair value option. because well is the largest single shareholder in rea, and well’s officers are a majority on rea’s board of directors, well exercises significant influence over rea. rea reported net income of $500,000 for the year and paid dividends of $150,000. in its december 31 balance sheet, what amount should well report as investment in rea?