Accounting Analysis I: The Role of Accounting as an Information System | Online Course Support

What is the remaining balance that will be included in the Davis Inc. 2016 Balance Sheet related to the sale of the season pass to Ima Skier?

3. Question 3 What is the remaining balance that will be included in the Davis Inc. 2016 Balance Sheet related to the sale of the season pass to Ima Skier?…

Accounting Analysis I: The Role of Accounting as an Information System | Online Course Support

What is the amount of revenue that will be included in the Davis Inc. 2016 Income Statement related to the sale of the season pass to Ima Skier?

2. Question 2 What is the amount of revenue that will be included in the Davis Inc. 2016 Income Statement related to the sale of the season pass to Ima…

Accounting Analysis I: The Role of Accounting as an Information System | Online Course Support

Davis Inc., operates a downhill ski area near Champaign, Illinois. An all-day adult lift ticket can be purchased for $85. Adult customers can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from December 1 through April 30. Davis Inc. expects its season pass holders to use their passes equally throughout the season. The company’s fiscal year ends on December 31.

1. Question 1 Problem 1: Service Revenue Use the following information for questions 1-3. Davis Inc., operates a downhill ski area near Champaign, Illinois. An all-day adult lift ticket can…

Accounting Analysis I: The Role of Accounting as an Information System | Online Course Support

What is the average collection period for Illini Company’s accounts receivable? (Round to the nearest tenth days)

6. Question 6 What is the average collection period for Illini Company’s accounts receivable? (Round to the nearest tenth days) 1 / 1 point   27.4     First, you need to calculate…

Accounting Analysis I: The Role of Accounting as an Information System | Online Course Support

Problem 2: Evaluating Efficiency of Asset Management Use the following information for questions 4-6. The 2016 Income Statement of Illini Company reported net sales of $8 million, cost of goods sold of $4.8 million, and net income of $800,000. The following table shows the company’s comparative Balance Sheets for 2016 and 2015:

4. Question 4 Problem 2: Evaluating Efficiency of Asset Management Use the following information for questions 4-6. The 2016 Income Statement of Illini Company reported net sales of $8 million,…

Accounting Analysis I: The Role of Accounting as an Information System | Online Course Support

Under which methods of revenue recognition should periodic losses be recognized?

9. Question 9 Under which methods of revenue recognition should periodic losses be recognized? 1 / 1 point   Percentage of completion method   Contract completion method   Both methods   Neither method

Accounting Analysis I: The Role of Accounting as an Information System | Online Course Support

Company X started progress on a long-term construction project at the beginning of 2017 for a contract price of $10 million. Company X estimates that the project will take four years to complete, and it will be working on the project over this period of time. Billings are made each year as listed in the table below.

5. Question 5 Use the following information regarding Company X to answer questions 5-8. Company X started progress on a long-term construction project at the beginning of 2017 for a…