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Judy Cumby is the sole owner of Sunland, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for
Judy Cumby is the sole owner of Sunland, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2021: Revenues-camping fees $160,000 Revenues-general store $40,000 Operating expenses 159,000 Cash on hand 12,300 Supplies on hand 2,500 Original cost of equipment 113,000 Fair value of equipment 128,000 Notes payable 77,000 Accounts payable 11,700 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 Sunland's profit for the year. Profit $ eTextbook and Media Calculate Judy's owner's equity for the period ended March 31, 2021. Owner's Equity $ Prepare a balance sheet at March 31, 2021. SUNLAND Balance Sheet March 31, 2021 Assets > > > +A $ > +A $ Liabilities and Owner's Equity > +A. $ +A $
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