Ike and Nancy Lara Give Western Dance Lessons at the Elk's

question 164

Short Answer

Ike and Nancy Lara give western dance lessons at the Elk's Lodge on Sunday nights. The lessons cost $3.00 for members of the lodge and $4.50 for nonmembers. Half of the money collected for the lesson is paid to Ike and Nancy. The Elk's Lodge keeps the other half. One Sunday night Ike counts 39 people in the dance lesson. What is the least amount of money Ike and Nancy will make? $ __________

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Definitions:

IASB and FASB

International Accounting Standards Board and Financial Accounting Standards Board, respectively, setting and promoting accounting standards.

Financial Position

A snapshot of the assets, liabilities, and equity of a company at a particular point in time, reflecting its economic condition.

Adjusted Trial Balance

A financial report that lists all accounts and their balances after adjustments have been made, used to ensure the total debits equal the total credits before preparing financial statements.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the operating cycle of a business.