Ski Powder Resort ends its fiscal year on April 30. The business adjusts its accounts monthly, but closes them only at year-end (April 30). The resort's busy season is from December 1 through March 31. Adrian Pride, the resort's chief financial officer, keeps a close watch on Lift Ticket Revenue and Cash. The balances of these accounts at the end of each of the last five months are as follows:
November 30 - Lift ticket revenue = $26000, Cash = $8000
December 31 - Lift ticket revenue = $200,000, Cash = $63000
January 31 - Lift ticket revenue = $680,000, Cash = $67,000
February 28 - Lift ticket revenue = $760000, Cash = $97,000
March 31 - Lift ticket revenue = $880,000, Cash = $110,000
Mr. Pride prepares income statements and balance sheets for the resort. Assuming they are prepared for:
a. The month ended February 28.
1. Indicate what amount will be shown in the statements for Lift Ticket Revenue?
b. The entire "busy season to date" — that is, December 1 through March 31.
1. Indicate what amounts will be shown in the statements for Lift Ticket Revenue.
Answers: 3
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