Required information Current Assets and Liabilities: Postponing FUN until 2021 (Chapter 02) Preparing for and then postponing the 2020 season The 2020 season was expected to be a year of partying at Cedar Fair. Its namesake theme park-Cedar Point-reached its 150th year. and its Knott's Berry Farm was prepared to celebrate its 100th anniversary. T-shirts, hoodies, and hats had arrived, as had plush toys, snow globes, and giant stuffed animals. A brand new loyalty program was readying for launch, to deliver surprises and provide incentives to its most engaged guests. More season passes had been sold than ever before. But then COVD-19 struck in early March 2020, and some hard decisions had to be made. Many of Cedar Fair's parks would remain closed for the entire 2020 season. The handful of parks that did open adopted restrictions that limited attendance and shortened the 2020 operating season. Knowing that guests with season passes would be disappointed by these changes, Cedar Fair decided to extend the length of its 2020 season passes through to the end of 2021. It also paused collection of amounts owed by guests who had bought park passes on installment payment programs. That decision meant some of the cash Cedar Fair had the right to collect would not actually be received until its parks opened for the new 2021 season. Cedar Fair also made the difficult decision to postpone its anniversary celebrations until 2021. All that merchandise would have to be boxed-up and put into storage for another year. 1 1 This reading and docussion questions ace based on daclosumes in Cedar Fars Form 100 quarterly filing for the period ended June 28,2020. CE2-3 Calculating and Interpreting the Current Ratio [LO2-4] Based on the following simplified excerpt from Cedar Fair's balance sheet. Required information Current Assets and Liabilities: Postponing FUN until 2021 (Chapter 02) Preparing for and then postponing the 2020 season The 2020 season was expected to be a year of partying at Cedar Fair. Its namesake theme park-Cedar Point-reached its 150th year. and its Knott's Berry Farm was prepared to celebrate its 100th anniversary. T-shirts, hoodies, and hats had arrived, as had plush toys, snow globes, and giant stuffed animals. A brand new loyalty program was readying for launch, to deliver surprises and provide incentives to its most engaged guests. More season passes had been sold than ever before. But then COVD-19 struck in early March 2020, and some hard decisions had to be made. Many of Cedar Fair's parks would remain closed for the entire 2020 season. The handful of parks that did open adopted restrictions that limited attendance and shortened the 2020 operating season. Knowing that guests with season passes would be disappointed by these changes, Cedar Fair decided to extend the length of its 2020 season passes through to the end of 2021. It also paused collection of amounts owed by guests who had bought park passes on installment payment programs. That decision meant some of the cash Cedar Fair had the right to collect would not actually be received until its parks opened for the new 2021 season. Cedar Fair also made the difficult decision to postpone its anniversary celebrations until 2021. All that merchandise would have to be boxed-up and put into storage for another year. 1 1 This reading and docussion questions ace based on daclosumes in Cedar Fars Form 100 quarterly filing for the period ended June 28,2020. CE2-3 Calculating and Interpreting the Current Ratio [LO2-4] Based on the following simplified excerpt from Cedar Fair's balance sheet