Slippery Slope Resort ends its fiscal year on April 30. The resort adjusts its accounts monthly but closes them only at year-end (April 30). The busy season is from December 1 through March 31. Anita Powder, 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 December 31 January 31 February 28 March 31 Lift Ticket Revenue $ 29,000 190,000 670,000 700,000 890,000 Req A1 Ms. Powder prepares income statements and balance sheets for the resort. Assuming they are prepared for: a. The month ended January 31. 1. Indicate what amount will be shown in the statements for Lift Ticket Revenue. 2. Indicate what amount will be shown in the statements for Cash. b. The entire busy season to date that is, December 1 through March 31. 1. Indicate what amount will be shown in the statements for Lift Ticket Revenue. 2. Indicate what amount will be shown in the statements for Cash. c. In terms of Lift Ticket Revenue and increases in Cash, which has been the resort's best month? Lift ticket revenue Cash Complete this question by entering your answers in the tabs below. Req A2 Cash Req B1 $ 8,000 65,000 81,000 101,000 110,000 Best Month Req B2 In terms of Lift Ticket Revenue and increases in Cash, which has been the resort's best month? Note: Indicate the dollar amounts. Amounts Reg C < Req B2 Req C >
Slippery Slope Resort ends its fiscal year on April 30. The resort adjusts its accounts monthly but closes them only at year-end (April 30). The busy season is from December 1 through March 31. Anita Powder, 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 December 31 January 31 February 28 March 31 Lift Ticket Revenue $ 29,000 190,000 670,000 700,000 890,000 Req A1 Ms. Powder prepares income statements and balance sheets for the resort. Assuming they are prepared for: a. The month ended January 31. 1. Indicate what amount will be shown in the statements for Lift Ticket Revenue. 2. Indicate what amount will be shown in the statements for Cash. b. The entire busy season to date that is, December 1 through March 31. 1. Indicate what amount will be shown in the statements for Lift Ticket Revenue. 2. Indicate what amount will be shown in the statements for Cash. c. In terms of Lift Ticket Revenue and increases in Cash, which has been the resort's best month? Lift ticket revenue Cash Complete this question by entering your answers in the tabs below. Req A2 Cash Req B1 $ 8,000 65,000 81,000 101,000 110,000 Best Month Req B2 In terms of Lift Ticket Revenue and increases in Cash, which has been the resort's best month? Note: Indicate the dollar amounts. Amounts Reg C < Req B2 Req C >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Slippery Slope Resort ends its fiscal year on April 30. The resort adjusts its accounts monthly but closes them only at year-end (April 30). The busy season is from December 1 through March 31.
Anita Powder, 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:
Lift Ticket Revenue
$ 29,000
190,000
670,000
700,000
890,000
November 30
December 31
January 31
February 28
March 31
Ms. Powder prepares income statements and balance sheets for the resort. Assuming they are prepared for:
a. The month ended January 31.
1. Indicate what amount will be shown in the statements for Lift Ticket Revenue.
2. Indicate what amount will be shown in the statements for Cash.
b. The entire busy season to date-that is, December 1 through March 31.
Cash
1. Indicate what amount will be shown in the statements for Lift Ticket Revenue.
2. Indicate what amount will be shown in the statements for Cash.
$ 8,000
65,000
81,000
101,000
110,000
c. In terms of Lift Ticket Revenue and increases in Cash, which has been the resort's best month?
Req A1
Complete this question by entering your answers in the tabs below.
Req A2
Lift ticket revenue
Cash
Req B1
Best Month
Req B2
In terms of Lift Ticket Revenue and increases in Cash, which has been the resort's best month?
Note: Indicate the dollar amounts.
Amounts
Req C
< Req B2
Req C
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