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What will be included in the Ski West income statement

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Ski West, Inc., operates a downhill ski area near Lake Tahoe, California. An all-day adult lift ticket can be purchased for $85. 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. Ski West expects its season pass holders to use their passes equally throughout the season. The company's fiscal year ends on December 31.

Problem 1: When should Ski West recognize revenue from the sale of its season passes?

Problem 2: Prepare the appropriate journal entries that Ski West would record on November 6 and December 31.

Problem 3: What will be included in the Ski West 2021 income statement and balance sheet related to the sale of the season pass to Jake Lawson?

Reference no: EM132791816

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