Emery Corporation Balance Sheet Income Statement
Assets:
Cash $250,000 Sales (all credit) $8,000,000
Accounts receivable 450,000 Cost of goods sold (4,000,000)
Inventory 500,000 Operating expense (2,900,000)
Net fixed assets 2,100,000 Interest expense (150,000)
Total assets $3,300,000 Income taxes (380,000)
Net income $570,000
Liabilities and owners' equity:
Accounts payable $100,000
Notes payable 450,000
Long-term debt 1,050,000
Owners' Equity 1,700,000
Total liabilities and
owner's equity $3,300,000
Based on the information in Table, the debt ratio is:.
A) 13.75%.
B) 25.80%.
C) 33.33%.
D) 18.59%.
What was the average annual rate of return on long-term corporate bonds during the period 1926 to 2008?
A) 6.5%.
B) 8.3%.
C) 5.9%.
D) 6.2%.

Alpine west, inc., operates a downhill ski area near lake tahoe, california. an all-day, adult ticket can be purchased for $55. adult customers also 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. the season pass is nontransferable, and the $450 price is nonrefundable. alpine expects its season pass holders to use their passes equally throughout the season. the company’s fiscal year ends on december 31. on november 6, 2009, jake lawson purchased a season ticket. required: 1. when should alpine west recognize revenue from the sale of its season passes? 2. prepare the appropriate journal entries that alpine would record on november 6 and december 31. 3. what will be included in the 2009 income statement and 2009 balance sheet related to the sale of the season pass to jake lawson?