Business, 22.09.2020 17:01 yami85

Alpine West, Inc., operates a downhill ski area near Lake Tahoe, California. An all-day, adult ticket can be purchased for $80. Adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from December 1 through April 30. The season pass is nontransferable, and the $460 price is non refundable. Alpine expects its season pass holders to use their passes equally throughout the season. The company's fiscal year ends on December 31. On November 6, 2013, Jake Lawson purchased a season ticket. Required:
a. When should Ski West recognize revenue from the sale of its season passes?
b. Prepare the appropriate journal entries that Ski West would record on November 6 and December 31.
c. What will be included in the Ski West 2016 income statement and balance sheet related to the sale of the season pass to Jake Lawson?

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Alpine West, Inc., operates a downhill ski area near Lake Tahoe, California. An all-day, adult ticke...

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