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Profit for the year is $ 4 5 , 0 0 0 . ?Calculate Judy's owner's equity as at March 3 1 , 2
Profit for the year is $ ?Calculate Judy's owner's equity as at March
Judy Cumby is the sole owner of Cullumber, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2024: Revenues-camping fees $165,000 Revenues-general store $40,000 Operating expenses 160,000 Cash on hand 16,000 Supplies on hand 2,500 Original cost of equipment 113,000 Fair value of equipment 128,000 Notes payable 78,000 Accounts payable 11,600 J. Cumby, capital, April 1, 2023 17,000 Accounts receivable 22,000 J. Cumby, drawings 7,500 Camping fees collected for April 10,000 Insurance paid for in advance for April to June, 2024 600
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