6. On December 12, 2020, Typhoon Lagoon Inc. purchased (and paid for) $65,000 in non-perishable concession merchandise inventory from Happy Time Snacks. Typhoon requested delivery in April 2021 just ahead of the opening of the water park. (3 marks) Akashdeep Appendix B (available in Excel) Typhoon Lagoon Inc. List of Accounts Year Ended December 31, 2020 Cash 16,000 Accounts receivable 177,000 Interest receivable 51,000 Land 619,000 Buildings (net of 290,000 depreciation) 996.000 Equipment (net of 150.000 depreciation) 1,036,000 Notes receivable 39,000 Prepaid expenses 46,000 Office supplies 39,300 inventories 192,000 Accounts payable 39,500 Deferred revenue 83.200 Mortgage payable 667,740 Interest payable 84.000 Wages payable 49,000 Common shares. 10,000 Issued 263.000 Retained earnings 1.814.800 Ticket sales 830,000 Concessions and merchandise sales 541,000 Cost of products sold 294,300 Selling expense 123,400 Salaries & wages expense 333,400 interest expense 49,840 Depreciation expense 14,000 Supplies expense 13,000 Property tax expense 36.000 income tax expense 32.000 General & administrative expense 160,000 Dividends declared 105,000 Note 1: Principal payments of $42.000 are due on the mortgage each year. Note 2 The cash balance consists of $25,000 with CIBC and a $9.000 overdraft with RBC Note 3: No share transactions took place during the year Note 4 $105,000 dividends were declared and paid. 6. On December 12, 2020, Typhoon Lagoon Inc. purchased (and paid for) $65,000 in non-perishable concession merchandise inventory from Happy Time Snacks. Typhoon requested delivery in April 2021 just ahead of the opening of the water park. (3 marks) Akashdeep Appendix B (available in Excel) Typhoon Lagoon Inc. List of Accounts Year Ended December 31, 2020 Cash 16,000 Accounts receivable 177,000 Interest receivable 51,000 Land 619,000 Buildings (net of 290,000 depreciation) 996.000 Equipment (net of 150.000 depreciation) 1,036,000 Notes receivable 39,000 Prepaid expenses 46,000 Office supplies 39,300 inventories 192,000 Accounts payable 39,500 Deferred revenue 83.200 Mortgage payable 667,740 Interest payable 84.000 Wages payable 49,000 Common shares. 10,000 Issued 263.000 Retained earnings 1.814.800 Ticket sales 830,000 Concessions and merchandise sales 541,000 Cost of products sold 294,300 Selling expense 123,400 Salaries & wages expense 333,400 interest expense 49,840 Depreciation expense 14,000 Supplies expense 13,000 Property tax expense 36.000 income tax expense 32.000 General & administrative expense 160,000 Dividends declared 105,000 Note 1: Principal payments of $42.000 are due on the mortgage each year. Note 2 The cash balance consists of $25,000 with CIBC and a $9.000 overdraft with RBC Note 3: No share transactions took place during the year Note 4 $105,000 dividends were declared and paid
