Question
Judy Cumby is the sole owner of Wildhorse, public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the
Judy Cumby is the sole owner of Wildhorse, public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2021: Revenuescamping fees $169,000 Revenuesgeneral store $40,000 Operating expenses 160,000 Cash on hand 11,900 Supplies on hand 2,500 Original cost of equipment 119,000 Fair value of equipment 134,000 Notes payable 75,000 Accounts payable 12,200 J. Cumby, capital, April 1, 2020, 17,000 Accounts receivable 21,200 J. Cumby, drawings 8,000 Camping fees collected for April 10,000 Insurance paid for in advance for April to June 2021 600 Calculate Wildhorse's profit for the year. Profit $ eTextbook and MediaAssistance Used textbook Calculate Judy's owner's equity for the period ended March 31, 2021. Owner's Equity $
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