Homework Answers
1) Solution: $81,389
Working:
|
Revenues |
|
|
Camping revenues |
207,172 |
|
General store revenues |
96,187 |
|
Total revenues |
303,359 |
|
Expenses |
221,970 |
|
Net income |
81,389 |
2)
|
Assets |
|
|
Cash |
34,035 |
|
Accounts receivable |
25,896 |
|
Equipment |
156,119 |
|
Total assets |
216,050 |
|
Liabilities and Owner’s Equity |
|
|
Liabilities |
|
|
Accounts Payable |
16,278 |
|
Notes Payable |
88,788 |
|
Total Liabilities |
105,066 |
|
Owner’s Equity |
|
|
Susan Wilson, Capital |
110,984 |
|
Total liabilities and owner’s equity |
216,050 |
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Determine the net income and prepare a balance
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Determine the net income and prepare a balance
sheet
LUU J UUMI, Jan 9, 2020, 06:13 PM America/New York-05:00) Question 6 View Policies Current Attempt in Progress Mary Smith is the sole owner of Blossom Vista Park, a public camping ground near the Crater Lake National Recreation Area. Mary has compiled the following financial information as of December 31, 2020. Revenues during 2020-camping fees $154,000 Revenues during 2020-general store 71,500 Fair value of equipment $154,000 Notes payable 66,000 Expenses during...
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El.14 (LO 5) Bear Park Ltd., a camping ground in the Lake District, has compiled the following financial information as of December 31, 2020. £ 60,000 Notes payable Expenses during 2020 Supplies on hand Share capital-ordinary Retained earnings Revenues during 2020-camping fees Revenues during 2020-general store Accounts payable Cash on hand £140,000 150,000 47,000 11,000 2,500 20,000 20,000 Original cost of equipment Fair value of equipment 105,500 140,000 Instructions a. Determine Bear Park's net income for 2020 b. Prepare a...
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- sheet. prepare balance sheet E1.17 (LO6) AP Judy Cumby is the sole owner of Deer Park, a public camping ground near Gros More National Park. Judy has gathered the following financial information for the year ended March 31, 2021: Revenues-camping fees $150,000 Revenues-general store $ 40,000 Operating expenses 150,000 Cash on hand 9.400 Supplies on hand 2,500 Original cost of equipment 110,000 Fair value of equipment 125,000 Notes payable 70,000 Accounts payable 11,500 J. Cumby, capital, April 1, 2020...
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