The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot will receive $1,200 at the end of January, $2,400 at the end of February, $3,600 at the end of March, and so on up to $14,400 at the end of December. At the beginning of the next year, the sequence repeats starting at $1,200 in January and ending at $14,400 in December. This annual sequence of payments repeats indefinitely. If the gaming commission expects to sell a minimum of 1,000,000 tickets, what is the minimum price they can charge for the tickets to break even, assuming the commission earned 3.00 %/year/month on its investments and there is exactly one winning ticket

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

An electronics store is running a promotion where for every video game purchased, the customer receives a coupon upon checkout to purchase a second game at a 50% discount. the coupons expire in one year. the store normally recognized a gross profit margin of 40% of the selling price on video games. how would the store account for a purchase using the discount coupon?

E11-2 (multiple choice) identify the best answer for each of the following: which of the following statements about internal service fund liabilities is false? internal service funds may report both current and long-term liabilities. internal service funds may not issue bonds for financing purposes. internal service funds may report contingent liabilities. due to other funds would be reported as a current liability