Required information [The following information applies to the questions displayed below.] Vail Resorts, Incorporated, owns and operates over 30 premier ski resort properties (located in the Colorado Rocky Mountains, the Lake Tahoe area, the upper midwest, the northeast, mid-Atlantic states, and Australia). The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells lift tickets, ski and snowboard lessons, and ski equipment. The following hypothetical December transactions are typical of those that occur at the resorts. a. Borrowed $2,900,000 from the bank on December 1, signing a note payable due in six months. b. Purchased a new snowplow for $92,000 cash on December 31. c. Purchased ski equipment inventory for $31,000 on account to sell in the ski shops. d. Incurred $53,000 in routine repairs expense for the chairlifts; paid cash. e. Sold $375,000 of January through March season passes and received cash. f. Sold a pair of skis from inventory in a ski shop to a customer for $620 on account. g. The cost of the skis sold in (f) was $280. h. Sold daily lift passes in December for a total of $278,000 in cash. i. Received a $2,200 deposit on a townhouse to be rented for five days in January. j. Paid half the charges incurred on account in (c). k. Received $390 on account from the customer in (^). I. Paid $250,000 in wages to employees for the month of December. Journal entry worksheet 1 2 3 4 5 6 7 8 12 Borrowed $2,900,000 from the bank on December 1, signing a note payable due in six months. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal

of Take me to the text Higgins Ski Resort spent several years developing a new snow-making machine. Its lawyer suggested patenting the machine. The company obtained the patent on January 1, 2021. The company paid $190,000 to the lawyer, $15,000 to the government for the patent and $10,000 in additional fees. Required a) Prepare the journal entry to record the full cost of the patent. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Jan 1 Debit Credit To record the total relevant patent fees b) The patent has an estimated life of 20 years. Prepare the journal entry to record amortization for one year on December 31, 2021. Round your answers to the nearest whole number. Date Account Title and Explanation Dec 31 Check To record amortization for the year Debit Credit

Aa.11.

Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially made for the desert heat. It sells to individuals as well as local companies that coordinate adventure getaways in the desert for tourists. The following information is available for several months of the current year: Month May June July August Sales $ 90,000 117,000 133,000 128,000 Purchases $ 63,000 94,000 113,000 73,000 The majority of Martin's sales (75 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 45 percent are collected in the month of sale and 55 percent are collected in the following month. All of Martin's purchases are on account with 45 percent paid in the month of purchase and 55 percent paid the following month. Required: Cash Expenses Paid $ 24,000 24,500 35,250 31,500 1. Determine budgeted cash collections for July and August. 2. Determine budgeted cash payments for July and August. Required 1 Required 2 Complete this question…

Paul Swanson has an opportunity to acquire a franchise from The Yogurt Place, Ic., to dispense frozen yogurt products under The Yogurt Place name. Mr. Swanson has assembled the following information relating to the franchise: a. A suitable location in a large shopping mall can be rented for $2,800 per month. b. Remodeling and necessary equipment would cost $276,000. The equipment would have a 20-year life and a $13,800 salvage value. Straight-line depreciation would be used, and the salvage value would be considered in computing depreciation. c. Based on similar outlets elsewhere, Mr. Swanson estimates that sales would total $310,000 per year. Ingredients would cost 20% of sales. d. Operating costs would include $71,000 per year for salaries, $3,600 per year for insurance, and $28,000 per year for utilities. In addition, Mr. Swanson would have to pay a commission to The Yogurt Place, Inc., of 13.0% of sales.

Woodland Hotels Incorporated operates four resorts in the heavily wooded areas of northern California. The resorts are named after the predominant trees at the resort: Pine Valley. Oak Glen, Mimosa, and Birch Glen. Woodland allocates its central office costs to each of the four resorts according to the annual revenue the resort generates. For the current year, the central office costs (000s omitted) were as follows: Front office personnel (desk, clerks, etc.) Administrative and executive salaries Interest on resort purchase Advertising Housekeeping Depreciation on reservations computer Room maintenance $ 9,800 4,500 3,500 600 2,500 80 900 Carpet-cleaning contract Contract to repaint rooms 50 450 $ 21,580 Pine Valley Oak Glen $ 6,350 58,065 Mimosa $ 18,515 43,720 66 Total $ 34,130 269,535 Birch Glen Revenue (00es) Square feet $ 9,490 8е,198 $ 7,775 87,560 174 Rooms 86 122 448 Assets (000s) $ 96,660 $ 143,160 $ 75,730 $ 60,175 $ 375,725 Requlred: 1. Based on annual revenue, what amount…

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Woodland Hotels Incorporated operates four resorts in the heavily wooded areas of northern California. The resorts are named after the predominant trees at the resort: Pine Valley, Oak Glen, Mimosa, and Birch Glen. Woodland allocates its central office costs to each of the four resorts according to the annual revenue the resort generates. For the current year, the central office costs (000s omitted) were as follows: Front office personnel (desk, clerks, etc.) Administrative and executive salaries Interest on resort purchase Advertising Housekeeping Depreciation on reservations computer Room maintenance Carpet-cleaning contract Contract to repaint rooms $ 9,200 4,600 3,600 600 2,600 80 920 50 460 $ 22,110 Pine Valley Oak Glen Revenue (0005) Square feet $ 6,550 58,585 Rooms 86 $ 9,790 80,910 122 Mimosa $ 10,845 44,125 Birch Glen $ 8,020 66 88,390 174 Assets (000s) $ 97,525 $ 144,440 $ 76,425 $ 60,745 Required: Total $ 35,205 272,010 448 $ 379,135 1. Based on annual revenue, what amount…

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