Question
Judy Cumby is the sole owner of Oriole, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for
Judy Cumby is the sole owner of Oriole, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2021:
Revenuescamping fees | $ 163,000 | Revenuesgeneral store | $40,000 | ||
Operating expenses | 159,000 | Cash on hand | 10,000 | ||
Supplies on hand | 2,500 | Original cost of equipment | 115,000 | ||
Fair value of equipment | 130,000 | Notes payable | 73,000 | ||
Accounts payable | 12,400 | J. Cumby, capital, April 1, 2020 | 17,000 | ||
Accounts receivable | 21,300 | J. Cumby, drawings | 7,000 | ||
Camping fees collected for April | 10,000 | Insurance paid for in advance for April to June, 2021 | 600 |
Calculate Oriole's profit for the year.
Profit | $
|
Prepare a balance sheet at March 31, 2021.
ORIOLE Balance Sheet For the Month Ended March 31, 2021March 31, 2021For the Year Ended March 31, 2021 | |||
Assets | |||
Accounts ReceivableAccounts PayableCashEquipmentJ. Cumby, CapitalNotes PayablePrepaid InsuranceSuppliesUnearned RevenueRevenuesCamping FeesRevenuesGeneral StoreOperating ExpensesJ. Cumby, Drawings | $ | ||
Accounts ReceivableAccounts PayableCashEquipmentJ. Cumby, CapitalNotes PayablePrepaid InsuranceSuppliesUnearned RevenueRevenuesCamping FeesRevenuesGeneral StoreOperating ExpensesJ. Cumby, Drawings | |||
Accounts ReceivableAccounts PayableCashEquipmentJ. Cumby, CapitalNotes PayablePrepaid InsuranceSuppliesUnearned RevenueRevenuesCamping FeesRevenuesGeneral StoreOperating ExpensesJ. Cumby, Drawings | |||
Accounts ReceivableAccounts PayableCashEquipmentJ. Cumby, CapitalNotes PayablePrepaid InsuranceSuppliesUnearned RevenueRevenuesCamping FeesRevenuesGeneral StoreOperating ExpensesJ. Cumby, Drawings | |||
Accounts ReceivableAccounts PayableCashEquipmentJ. Cumby, CapitalNotes PayablePrepaid InsuranceSuppliesUnearned RevenueRevenuesCamping FeesRevenuesGeneral StoreOperating ExpensesJ. Cumby, Drawings | |||
Owner's EquityAssetsTotal Liabilities and Owner's EquityIntangible AssetsTotal LiabilitiesLiabilitiesTotal Intangible AssetsTotal AssetsProperty, Plant and EquipmentTotal Property, Plant and EquipmentTotal Owner's Equity | $ | ||
Liabilities and Owner's Equity | |||
AssetsTotal LiabilitiesIntangible AssetsTotal Liabilities and Owner's EquityTotal Property, Plant and EquipmentTotal Owner's EquityTotal AssetsLiabilitiesTotal Intangible AssetsOwner's EquityProperty, Plant and Equipment | |||
Accounts ReceivableAccounts PayableCashEquipmentJ. Cumby, CapitalNotes PayablePrepaid InsuranceSuppliesUnearned RevenueRevenuesCamping FeesRevenuesGeneral StoreOperating ExpensesJ. Cumby, Drawings | $ | ||
Accounts ReceivableAccounts PayableCashEquipmentJ. Cumby, CapitalNotes PayablePrepaid InsuranceSuppliesUnearned RevenueRevenuesCamping FeesRevenuesGeneral StoreOperating ExpensesJ. Cumby, Drawings | |||
Accounts ReceivableAccounts PayableCashEquipmentJ. Cumby, CapitalNotes PayablePrepaid InsuranceSuppliesUnearned RevenueRevenuesCamping FeesRevenuesGeneral StoreOperating ExpensesJ. Cumby, Drawings | |||
Total AssetsProperty, Plant and EquipmentTotal LiabilitiesOwner's EquityTotal Owner's EquityIntangible AssetsTotal Property, Plant and EquipmentAssetsTotal Liabilities and Owner's EquityTotal Intangible AssetsLiabilities | |||
Total AssetsTotal Property, Plant and EquipmentTotal Intangible AssetsAssetsTotal LiabilitiesIntangible AssetsLiabilitiesProperty, Plant and EquipmentTotal Liabilities and Owner's EquityOwner's EquityTotal Owner's Equity | |||
Accounts ReceivableAccounts PayableCashEquipmentJ. Cumby, CapitalNotes PayablePrepaid InsuranceSuppliesUnearned RevenueRevenuesCamping FeesRevenuesGeneral StoreOperating ExpensesJ. Cumby, Drawings | |||
Total Property, Plant and EquipmentTotal LiabilitiesAssetsTotal Owner's EquityProperty, Plant and EquipmentIntangible AssetsTotal AssetsTotal Intangible AssetsLiabilitiesTotal Liabilities and Owner's EquityOwner's Equity | $ |
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