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Could you make the income statement, balance sheet and Owners equity balance sheet Accounting in Action e El-15 Judy Cumby is the sole owner of
Could you make the income statement, balance sheet and Owners equity balance sheet
Accounting in Action e El-15 Judy Cumby is the sole owner of Deer Park, a public camping ground near Gros Morne Nation al Park. Judy has gathered the following financial information for the year ended December 31, 2008 $ 40,000 Revenues-camping fees $160,000 Revenues-general store 10,000 Cash on hand 150,000 - Operating expenses 2,500 Supplies on hand 110,000 Original cost of equipment Market value of equipment 125,000 Notes payable 70,000 Accounts payable 11,500 J. Cumby, capital, January 1 17,000 Accounts receivable 21.000 J. Cumby, drawings 5,000 Instructions (a) Calculate Deer Park's net income for the year. (b) Calculate Judy's owner's equity at December 31. (c) Prepare a balance sheet at December 31 Step by Step Solution
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