Homework Answers
1.
| Net Income: | |
| camping Revenue | 281000 |
| Operating Expense | 241000 |
| 40000 | |
| Income Tax expense | 10000 |
| Net Income Transferred to Retained Earnings | 30000 |
2.Shareholders' Equity
| Common Shares | Retained earnings | Total | |
| Balance as on jan 1 | 27500 | 18000 | 45500 |
| Issue of Share capital | 14000 | 14000 | |
| income for the year | 30000 | 30000 | |
| Dividends | -12000 | -12000 | |
| Balance as on Dec 31 | 41500 | 36000 | 77500 |
3. Statement of Financial Position
| Assets | |
| Cash | 21000 |
| Supplies | 2500 |
| Equipment | 130000 |
| Total Assets | 153500 |
| Accounts payable | 16000 |
| Bank Loan Payable | 60000 |
| Common Shares | 41500 |
| Retained earnings | 36000 |
| Total Liabilities and Equity | 153500 |
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TF10-09 1128 MB learn.wileyplus.com WP Oriole, Inc. is a public camping ground near Ocean National Park....
Oriole Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has...
Oriole Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022. Service revenue (from camping fees) $156,400 Dividends $11,880 Sales revenue (from general store) 66,000 27,600 Notes payable 14,520 Expenses during 2022 Accounts payable 143,080 Cash 11,220 Supplies 7,260 Equipment 150,480 Common stock 52,800 6,600 Retained earnings (1/1/2022) Determine Oriole Lakes Park's net income for 2022. Oriole Lakes Park's net income for 2022 $ ....
Answers? Skysong, Inc. is a private camping ground near the Mount Miguel Recreation Area. It has...
Answers?
Skysong, Inc. is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2017 Service revenue (from camping fees) $145,200 Dividends $9,900 Sales revenue (from general store) 27,500 Notes payable 55,000 Accounts payable 12,100 Expenses during 2017 138,600 Cash 9,350 Supplies 6,050 Equipment 125,400 Common stock 44,000 5,500 Retained earnings (1/1/2017) Determine Skysong, Inc.'s net income for 2017. Skysong, Inc's net income for 2017 $ Prepare a retained...
Larkspur, Inc., a public camping ground near the Four Corners National Recreation Area, has compiled the...
Larkspur, Inc., a public camping ground near the Four Corners
National Recreation Area, has compiled the following financial
information as of December 31, 2019.
Revenues during 2019—camping fees
$162,400
Notes payable
$69,600
Revenues during 2019—general store
54,520
Expenses during 2019
174,000
Accounts payable
12,760
Supplies on hand
2,900
Cash on hand
23,200
Common stock
23,200
Original cost of equipment
122,380
Retained earnings
?
Fair value of equipment
162,400
Determine Larkspur, Inc.’s net income for 2019.
Larkspur, Inc.'s net income
$...
Splish Brothers Inc., a public camping ground near the Four Corners National Recreation Area, has compiled...
Splish Brothers Inc., a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2020. Revenues during 2020—camping fees $204,400 Notes payable $87,600 Revenues during 2020—general store 68,620 Expenses during 2020 219,000 Accounts payable 16,060 Supplies on hand 3,650 Cash on hand 29,200 Common stock 29,200 Original cost of equipment 154,030 Retained earnings ? Fair value of equipment 204,400 (a) Determine Splish Brothers Inc.’s net income for 2020. Splish Brothers...
Sunland Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has...
Sunland Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022. Service revenue (from camping fees) $165,300 Dividends $12,420 Sales revenue (from general store) 24,700 Notes payable 69,000 Accounts payable 15,180 Expenses during 2022 147,220 Cash 11,730 Supplies 7,590 Equipment 157,320 Common stock 55,200 Retained earnings (1/1/2022) 6,900 Your answer is correct. Determine Sunland Lakes Park's net income for 2022. Sunland Lakes Park's net income...
Blossom Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has...
Blossom Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022 Service revenue (from camping fees) $155,200 Dividends $13,140 Sales revenue (from general store) 73,000 38,800 Notes payable 16,060 Expenses during 2022 Accounts payable 148,740 Cash 8,030 Equipment 12,410 Supplies 166,440 Common stock Retained earnings (1/1/2022 58,400 Your answer is correct. Determine Blossom Lakes Park's net income for 202 Blossom Lakes Park's net income for...
Exercise 1-14 Wyco Park, a public camping ground near the Four Corners National Recreation Area, has...
Exercise 1-14 Wyco Park, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2019. $140.000 $60,000 Revenues during 2019 -camping fees Revenues during 2019 -general store 47,000 Notes payable Expenses during 2019 Supplies on 150,000 Accounts payable 11,000 hand 2,500 Cash on hand 20,000 20,000 Common stock Retained earnings 105,500 Original cost of equipment Fair value of equipment 140,000 Determine Wyco Park's net income for 2019. Wyco Park's...
On January 1, 2020, Oriole Inc. had the following stockholders' equity balances. Common Stock (595,000 shares...
On January 1, 2020, Oriole Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $1,190,000 530,000 210,000 640,000 During 2020, the following transactions and events occurred. 1. 2. 3. 4. 5. 6. Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. Issued 52,500 shares of common stock for cash at $4 per...
Exercise 1-14 a-b (Part Level Submission) Tamarisk, Inc., a public camping ground near the Four Comers...
Exercise 1-14 a-b (Part Level Submission) Tamarisk, Inc., a public camping ground near the Four Comers National Recreation Area, has compiled the following financial information as of December 31, 2020. $78,000 195,000 Revenues during 2020-camping fees Revenues during 2020-general store Accounts payable Cash on hand Original cost of equipment Fair value of equipment $182,000 Notes payable 61,100 Expenses during 2020 14,300 Supplies on hand 26,000 Common stock 137,150 Retained earnings 182,000 3.250 26,000 (a) Your answer is correct. Determine Tamarisk,...
Camping revenue Cash Equipment Accounts payable Bank loan payable Income tax expense Dividends declared Operating expenses...
Camping revenue Cash Equipment Accounts payable Bank loan payable Income tax expense Dividends declared Operating expenses Supplies Common shares, Jan. 1 Common shares issued during year Retained earnings, Jan. 1 $283,000 19,000 124,000 16,500 50,000 10,000 12,000 245,000 2,500 30,000 15,000 18,000 Instructions a. Determine net income for the year. b. Prepare a statement of changes in equity and a statement of financial position for the year.
Oriole Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022. Service revenue (from camping fees) $156,400 Dividends $11,880 Sales revenue (from general store) 66,000 27,600 Notes payable 14,520 Expenses during 2022 Accounts payable 143,080 Cash 11,220 Supplies 7,260 Equipment 150,480 Common stock 52,800 6,600 Retained earnings (1/1/2022) Determine Oriole Lakes Park's net income for 2022. Oriole Lakes Park's net income for 2022 $ ....
Answers?
Skysong, Inc. is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2017 Service revenue (from camping fees) $145,200 Dividends $9,900 Sales revenue (from general store) 27,500 Notes payable 55,000 Accounts payable 12,100 Expenses during 2017 138,600 Cash 9,350 Supplies 6,050 Equipment 125,400 Common stock 44,000 5,500 Retained earnings (1/1/2017) Determine Skysong, Inc.'s net income for 2017. Skysong, Inc's net income for 2017 $ Prepare a retained...
Larkspur, Inc., a public camping ground near the Four Corners
National Recreation Area, has compiled the following financial
information as of December 31, 2019.
Revenues during 2019—camping fees
$162,400
Notes payable
$69,600
Revenues during 2019—general store
54,520
Expenses during 2019
174,000
Accounts payable
12,760
Supplies on hand
2,900
Cash on hand
23,200
Common stock
23,200
Original cost of equipment
122,380
Retained earnings
?
Fair value of equipment
162,400
Determine Larkspur, Inc.’s net income for 2019.
Larkspur, Inc.'s net income
$...
Sunland Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022. Service revenue (from camping fees) $165,300 Dividends $12,420 Sales revenue (from general store) 24,700 Notes payable 69,000 Accounts payable 15,180 Expenses during 2022 147,220 Cash 11,730 Supplies 7,590 Equipment 157,320 Common stock 55,200 Retained earnings (1/1/2022) 6,900 Your answer is correct. Determine Sunland Lakes Park's net income for 2022. Sunland Lakes Park's net income...
Blossom Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022 Service revenue (from camping fees) $155,200 Dividends $13,140 Sales revenue (from general store) 73,000 38,800 Notes payable 16,060 Expenses during 2022 Accounts payable 148,740 Cash 8,030 Equipment 12,410 Supplies 166,440 Common stock Retained earnings (1/1/2022 58,400 Your answer is correct. Determine Blossom Lakes Park's net income for 202 Blossom Lakes Park's net income for...
Exercise 1-14 Wyco Park, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2019. $140.000 $60,000 Revenues during 2019 -camping fees Revenues during 2019 -general store 47,000 Notes payable Expenses during 2019 Supplies on 150,000 Accounts payable 11,000 hand 2,500 Cash on hand 20,000 20,000 Common stock Retained earnings 105,500 Original cost of equipment Fair value of equipment 140,000 Determine Wyco Park's net income for 2019. Wyco Park's...
On January 1, 2020, Oriole Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $1,190,000 530,000 210,000 640,000 During 2020, the following transactions and events occurred. 1. 2. 3. 4. 5. 6. Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. Issued 52,500 shares of common stock for cash at $4 per...
Exercise 1-14 a-b (Part Level Submission) Tamarisk, Inc., a public camping ground near the Four Comers National Recreation Area, has compiled the following financial information as of December 31, 2020. $78,000 195,000 Revenues during 2020-camping fees Revenues during 2020-general store Accounts payable Cash on hand Original cost of equipment Fair value of equipment $182,000 Notes payable 61,100 Expenses during 2020 14,300 Supplies on hand 26,000 Common stock 137,150 Retained earnings 182,000 3.250 26,000 (a) Your answer is correct. Determine Tamarisk,...
Camping revenue Cash Equipment Accounts payable Bank loan payable Income tax expense Dividends declared Operating expenses Supplies Common shares, Jan. 1 Common shares issued during year Retained earnings, Jan. 1 $283,000 19,000 124,000 16,500 50,000 10,000 12,000 245,000 2,500 30,000 15,000 18,000 Instructions a. Determine net income for the year. b. Prepare a statement of changes in equity and a statement of financial position for the year.
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