User Account

All Pages

Prepare the appropriate journal entries

Assignment Help Accounting Basics
Reference no: EM131783919

Question - Alpine West, Inc. operates a downhill ski area near Lake Tahoe, California. An all-day, an adult ticket can be purchased for $55. 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 $450 price is nonrefundable. Alpine expects its season pass holders to use their asses equally throughout the season. The company's fiscal year ends on December 31.

On November 6, 2009, Jake Lawson purchased a season ticket.

1. When should Alpine West recognize revenue from the sale of its season passes?

2. Prepare the appropriate journal entries that Alpine would record on November 6 and December 31.

3. What will be included in the 2009 income statement and 2009 balance sheet related to the sale of the season pass to Jake Lawson?

Reference no: EM131783919

Questions Cloud

What is the expected npv : Tropical Sweets is considering a project that will cost $70 million, What is the expected NPV
Size of a company is not important : Consider the following statement: "The size of a company is not important. What does matter, whether it is a large corporation or a small business
Firm decide what type of organizational structure : How can a firm decide what type of organizational structure is best suited for its strategic needs?
Determine the natural frequencies of a torsional system : Determine the natural frequencies of a torsional system consisting of a uniform shaft of mass moment of inertia Js with a disk of inertia Jo attached.
Prepare the appropriate journal entries : Alpine West, Inc. operates a downhill ski area near Lake Tahoe, California. Prepare the appropriate journal entries that Alpine would record on November 6
Contract of a member of top management for a payment : Bought out the contract of a member of top management for a payment of $25,000 per year for four years beginning January 2, 2015
Conduct a feasibility study : Establish criteria for identifying and evaluating investment opportunities. Consider the following components:
Under what legal doctrines or exceptions to those doctrines : Under what legal doctrines, or exceptions to those doctrines, might Adams be able to recover damages from Cochran? Discuss and explain your reasoning.
Determine the transcendental equation : Determine the transcendental equation from which natural frequencies can be established.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd