(1) Net income can be calculated as below:
Net income = Service revenue + Sales revenue - Expenses
Putting the values in the above equation, we get,
Net income = $156400 + $27600 - $143080
Net income = $40920
(2) Retained earnings statement for the year ended December 31, 2022:
Description | Amount |
Beginning balance | $6600 |
Add: Net income | $40920 |
Less: Dividends | $11880 |
Ending balance | $35640 |
(3) Balance sheet for the year ended December 31, 2022:
Description | Amount |
Assets: | |
Cash | $11220 |
Supplies | $7260 |
Equipment | $150480 |
Total assets | $168960 |
Liabilities & Stockholder's equity: | |
Accounts payable | $14520 |
Notes payable | $66000 |
Common stock | $52800 |
Retained earnings | $35640 |
Total liabilities and stockholder's equity | $168960 |
Oriole Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has...
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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 $13,140 Service revenue (from camping fees) $155,200 Dividends Sales revenue (from general store) 38,800 Notes payable Accounts payable 16,060 Expenses during 2022 Cash 12,410 Supplies Equipment 166,440 Common stock Retained earnings (1/1/2022) 73,000 148.740 8,030 58.400 7.300 Determine Blossom Lakes Park's net income for 2022 Blossom Lakes Park's net income for 2022 eTextbook and...
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