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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
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 December 31 Lift Ticket Revenue $ 25,000 Cash $ 8,000 January 31 February 28 March 31 200,000 63,000 650,000 66,000 760,000 100,000 850,000 130,000 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. 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? Complete this question by entering your answers in the tabs below
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