Based on the Following Table for Stadium Concession, What Would

question 145

Multiple Choice

Based on the following table for stadium concession, what would the price index equal in 2011? $$\begin{array} { c c c } &\text { HOt Dog } & \text { Soft DrinK } & \text { Pragram } \\2010&\$ 5.00 & \$ 4.00 & \$ 8.00 \\2011&\$ 5.50 & \$ 4.75 & \$ 9.00 \\2012&\$ 6.00 & \$ 5.50 & \$ 10.00\end{array}$$

• A)88.3
• B)101.1
• C)113.2
• D)126.5

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Definitions:

Liability

A financial obligation or debt owed by a business or individual to another entity, to be paid in the future.

Prepaid Rent

An expense that has been paid in advance and is considered an asset until the benefit of the payment is consumed.

Rent Expense

An expense incurred from occupying rental property or equipment for business operations.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate periods, ensuring that revenues and expenses are matched.