Question
1. Pick TWO sources of Spartan's revenue and explain how these revenue-generating activities should be treated under the current accounting standard (e.g., the amount and
1. Pick TWO sources of Spartan's revenue and explain how these revenue-generating activities should be treated under the current accounting standard (e.g., the amount and timing of revenue recognition).
Annual Race Pass Annual passes, which can cost upwards of $1,000, entitle the holder to run as many races as possible in the Continental United States and Hawaii during one calendar year. The passes are non-refundable and non-transferable.
Merchandise Spartan sells merchandise, such as t-shirts, caps, and shorts, at races as well as online. Full refunds are allowed on clothing as long as the return is made in good condition within 31 days with the original receipt.
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