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What amount of liability related to the season tickets

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Reference no: EM132767618

Problem - During the spring and summer of 2020, the Prairie Predators hockey team sold 2,000 season tickets for the 2020-2021 hockey season. Each of the season tickets was sold for $400 and covered 30 games, with 12 to be played in the fall (October to December) and 18 in the winter (January to March). What is the effect on the team's financial statements when the season tickets are sold? What amount of liability (if any) related to the season tickets should be reported on the team's December 31, 2020, statement of financial position?

Reference no: EM132767618

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