Splish Brothers Inc., a public camping ground near the Four Corners National Recreation Area, has compiled...
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Homework Answers
Answer :
(a) Computation of net income for 2020
| Splish Brothers Inc | ||
| PARTICULARS | AMOUNT | AMOUNT |
| Revenues - Camping Fees | $ 204400 | |
| Revenues - General store | $ 68620 | $ 273020 |
| Less - Expenses | $ 219000 | |
|
Net income |
$ 54020 |
|
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Splish Brothers Inc., a public camping ground near the Four
Corners National Recreation Area, has compiled...
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
$...
Sheridan Company, a public camping ground near the Four Corners National Recreation Area, has compiled the...
Sheridan Company, 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 Revenues during 2020-general store Accounts payable Cash on hand Original cost of equipment Fair value of equipment $156,800 52,640 12,320 22,400 118,160 156,800 Notes payable Expenses during 2020 Supplies on hand Common stock Retained earnings $67,200 168,000 2,800 22,400 ? (a) Determine Sheridan Company's net income for 2020. Sheridan Company's net income...
Blossom Company, a public camping ground near the Four Corners National Recreation Area, has compiled the...
Blossom Company, 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 $201.600 Notes payable $86,400 Revenues during 2019-general store 67.680 Expenses during 2019 216.000 Accounts payable 15,840 Supplies on hand 3,600 Cash on hand 28,800 Common stock stock 28,800 Original cost of equipment 151,920 Retained earnings Fair value of equipment 201,600 Determine Blossom Company's net income for 2019. Blossom Company's net income $
Sheridan Company, a public camping ground near the Four Corners National Recreation Area, has compiled the...
Sheridan Company, 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 Revenues during 2020-general store Accounts payable Cash on hand Original cost of equipment Fair value of equipment $156,800 52,640 12,320 22,400 118,160 156,800 Notes payable Expenses during 2020 Supplies on hand Common stock Retained earnings $67,200 168,000 2,800 22,400 ? (b) Prepare a balance sheet for Sheridan Company as of December 31,...
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...
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 Revenues during 2020-camping fees $182,000 Notes payable 578.000 Revenues during 2020-general store 61,100 Expenses during 2020 195,000 Accounts payable 14,300 Supplies on hand 3.250 Cash on hand 26,000 Common stock 26,000 Original cost of equipment 137,150 Retained earnings Fair value of equipment 182,000 (a) Determine Tamarisk, Inc.'s net income for...
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,...
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 $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...
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...
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 complled the following financial Service revenue (from camping fees Sales revenue (from general store) $18.140 73.000 Accounts payable $155.200 38.800 16,060 12.410 166,440 Dividends Notes payable Expenses during 2022 Supplies Common stock 148.740 Cash 8.000 Equipment Retained earnings (1/1/2022) 7300 Your answer is incorrect Determine Blossom Lakes Parent Income for 2002 Blossom Lake Park's net income for 2022 5 Textbook and Media
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
$...
Sheridan Company, 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 Revenues during 2020-general store Accounts payable Cash on hand Original cost of equipment Fair value of equipment $156,800 52,640 12,320 22,400 118,160 156,800 Notes payable Expenses during 2020 Supplies on hand Common stock Retained earnings $67,200 168,000 2,800 22,400 ? (a) Determine Sheridan Company's net income for 2020. Sheridan Company's net income...
Blossom Company, 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 $201.600 Notes payable $86,400 Revenues during 2019-general store 67.680 Expenses during 2019 216.000 Accounts payable 15,840 Supplies on hand 3,600 Cash on hand 28,800 Common stock stock 28,800 Original cost of equipment 151,920 Retained earnings Fair value of equipment 201,600 Determine Blossom Company's net income for 2019. Blossom Company's net income $
Sheridan Company, 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 Revenues during 2020-general store Accounts payable Cash on hand Original cost of equipment Fair value of equipment $156,800 52,640 12,320 22,400 118,160 156,800 Notes payable Expenses during 2020 Supplies on hand Common stock Retained earnings $67,200 168,000 2,800 22,400 ? (b) Prepare a balance sheet for Sheridan Company as of December 31,...
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...
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 Revenues during 2020-camping fees $182,000 Notes payable 578.000 Revenues during 2020-general store 61,100 Expenses during 2020 195,000 Accounts payable 14,300 Supplies on hand 3.250 Cash on hand 26,000 Common stock 26,000 Original cost of equipment 137,150 Retained earnings Fair value of equipment 182,000 (a) Determine Tamarisk, Inc.'s net income for...
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,...
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...
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...
Blossom Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has complled the following financial Service revenue (from camping fees Sales revenue (from general store) $18.140 73.000 Accounts payable $155.200 38.800 16,060 12.410 166,440 Dividends Notes payable Expenses during 2022 Supplies Common stock 148.740 Cash 8.000 Equipment Retained earnings (1/1/2022) 7300 Your answer is incorrect Determine Blossom Lakes Parent Income for 2002 Blossom Lake Park's net income for 2022 5 Textbook and Media
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