Multiple Choice
McKinnon Enterprises owns a professional ice hockey team, the Rockford Penguins. The company sells season tickets for its upcoming season and receives $960,000 cash. The season starts January 1, 2018, with five home games occurring monthly over the next six months.
What is the balance in the company's deferred revenue account at the end of April 2018? (Assume the deferred revenue account had a zero balance on January 1, 2018.)
A) $480,000
B) $640,000
C) $960,000
D) $320,000
E) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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