Presented here are the amounts of Assets, Liabilities, Stockholders’ Equity, Revenues, and Expenses of Camp Out, Inc., at October 31,2011. The items are listed in alphabetical order.

The retained earnings balance of the business was \($79,700\) at October 31,2010.
Requirements 1. Identify each amount shown as an asset, liability, or stockholders’ equity.
2. Prepare the company’s income statement and statement of retained earnings for the year ended October 31, 2011.
3. Prepare the company’s balance sheet at October 31, 2011.
4. Answer these questions about the company:

a. What was the profit or loss for the year?

b. What was the increase or decrease of retained earnings for the year?

c. What is the amount of economic resources on October 31, 2011 ?

d. What is the amount owed on October 31, 2011 ?

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Accounts Payable......... $ 13,000 Interest Expense $ 7,000 Accounts Receivable. 21,000 Land........... 36,000 Advertising Expense....... 17,000 Note Payable. 64,000 Building. 150,000 Property Tax Expense..... 2,500 Cash.......... 17,000 Rent Expense. 22,000 Common Stock. 75,000 Salary Expense.. 71,000 Dividends 33,000 Salary Payable.. 1,900 Equipment.... 50,000 Service Revenue 195,000 Insurance Expense..... 1,000 Supplies........ 1,100