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You are employed as an accountant for the New York Jets (NYJ). The NYJ's are a professional sports team that puts on football games for
You are employed as an accountant for the New York Jets (NYJ). The NYJ's are a professional sports team that puts on football games for fans to attend. The NYJ's fiscal year is from Jan 1 - Dec 31. All of their football games occur from Sep 1 - Dec 31. From the period of Nov 1, 2024 to Dec 31, 2024, the NYJ allowed fans to purchase tickets to games that will take place during the upcoming 2025-football season. The 2025 football season will have 8 games that will occur from Sep 1, 2025 to Dec 31, 2025. Due to this early selling of 2025 tickets NYJ was able to bring in $10,000,000 of cash. The owners of the NYJ were reviewing the most recent financial information as of Feb 10, 2025 and noticed the following: On the statement of income, the $10,000,000 related to the 2025 ticket sales was not yet recorded as revenue. There was also a $10,000,000 liability on the statement of financial position. Required - Complete the following: Prepare a 5-sentence response to the owner's concerns. Support your discussion with a solid discussion of the different types of accounting criteria. 
You are employed as an accountant for the New York Jets (NYJ). The NYJ's are a professional sports team that puts on football games for fans to attend. The NYJ's fiscal year is from Jan 1 - Dec 31. All of their football games occur from Sep 1-Dec 31. From the period of Nov 1, 2024 to Dec 31, 2024, the NYJ allowed fans to purchase tickets to games that will take place during the upcoming 2025 -football season. The 2025 football season will have 8 games that will occur from Sep 1, 2025 to Dec 31, 2025. Due to this early selling of 2025 tickets NYJ was able to bring in $10,000,000 of cash. The owners of the NYJ were reviewing the most recent financial information as of Feb 10,2025 and noticed the following: > On the statement of income, the $10,000,000 related to the 2025 ticket sales was not yet recorded as revenue. There was also a $10,000,000 liability on the statement of financial position. Required - Complete the following: - Prepare a 5-sentence response to the owner's concerns. - Support your discussion with a solid discussion of the different types of accounting criteria
You are employed as an accountant for the New York Jets (NYJ). The NYJ's are a professional sports team that puts on football games for fans to attend. The NYJ's fiscal year is from Jan 1 - Dec 31. All of their football games occur from Sep 1 - Dec 31. From the period of Nov 1, 2024 to Dec 31, 2024, the NYJ allowed fans to purchase tickets to games that will take place during the upcoming 2025-football season. The 2025 football season will have 8 games that will occur from Sep 1, 2025 to Dec 31, 2025. Due to this early selling of 2025 tickets NYJ was able to bring in $10,000,000 of cash. The owners of the NYJ were reviewing the most recent financial information as of Feb 10, 2025 and noticed the following: On the statement of income, the $10,000,000 related to the 2025 ticket sales was not yet recorded as revenue. There was also a $10,000,000 liability on the statement of financial position. Required - Complete the following: Prepare a 5-sentence response to the owner's concerns. Support your discussion with a solid discussion of the different types of accounting criteria.
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