In: Accounting
Patricia Johnson is the sole owner of Crane Vista Park, a public camping ground near the Crater Lake National Recreation Area. Patricia has compiled the following financial information as of December 31, 2020. Revenues during 2020—camping fees $186,228 Fair value of equipment $186,228 Revenues during 2020—general store 86,463 Notes payable 79,812 Accounts payable 14,632 Expenses during 2020 199,530 Cash on hand 30,595 Accounts receivable 23,278 Original cost of equipment 140,336 (a) Determine Patricia Johnson’s net income from Crane Vista Park for 2020. Net income $enter Net income in dollars (b) Prepare a balance sheet for Crane Vista Park as of December 31, 2020. (List Assets in order of liquidity.) CRANE VISTA PARK Balance Sheet choose the accounting period Assets enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount select a closing section name for this part of the balance sheet $enter a total amount for this part of the balance sheet Liabilities and Owner’s Equity select an opening name for section one enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for section one enter a total amount for this section of the balance sheet select an opening name for section two enter a balance sheet item enter a dollar amount select a closing name for this part of the balance sheet $enter a total amount for this part of the balance sheet
a)Net Income =Revenue -camping fees+ Revenue -general store - expenses
= 186228 + 86463 - 199530
= 73161
b)
Crane Vista Park Balance sheet as of December 31, 2020 |
|
Assets | |
Current asset | |
cash | 30595 |
Accounts receivable | 23278 |
Total current asset | 53873 |
Equipment | 140336 |
Total assets | 194209 |
liabilities and stockholders equity | |
Current liabilities | |
Accounts payable | 14632 |
Long term liabilities | 79812 |
Total liabilities | 94444 |
Owners equity (Balancing figure) | 99765 |
Total liabilities and owners equity | 194209 |
#
Owners equity =Total asset -total liabilities
= 194209 - 94444
= 99765