Reference no: EM132404691
Question
Davis Inc., operates a downhill ski area near Champaign, Illinois. An all-day adult lift ticket can be purchased for $85. Adult customers 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. Davis Inc. 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, 2016, Ima Skier purchased a season pass for $450.
What date(s) should Davis Inc. recognize revenue from the sale of its season passes?
November 6, 2016
November 6, 2016-December 31, 2016
December 1, 2016-April 30, 2017
April 30, 2017
What is the amount of revenue that will be included in the Davis Inc. 2016 Income Statement related to the sale of the season pass to Ima Skier?
What is the remaining balance that will be included in the Davis Inc. 2016 Balance Sheet related to the sale of the season pass to Ima Skier?
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