Question
Saira Morrow is the sole owner of Buena Vista Park, a public camping ground near the Crater Lake National Recreation Area. Saira has compiled the
Saira Morrow is the sole owner of Buena Vista Park, a public camping ground near the Crater Lake National Recreation Area. Saira has compiled the following financial information as of December 31, 2020.
Revenues during 2020camping fees
$140,000Fair value of equipment
$140,000Revenues during 2020general store
65,000Notes payable
60,000Accounts payable
11,000Expenses during 2020
160,000Cash on hand
23,000Accounts receivable
17,500Original cost of equipment
115,500
(a)
Determine Saira Morrow's net income from Buena Vista Park for 2020.
Net income$
enter Net income in dollars
(b)
set a balance sheet for Buena Vista Park as of December 31, 2020.(List Assets in order of liquidity.)
BUENAVISTA PARK
Balance Sheet
choose the accounting period
For the Year Ended December 31, 2020
For the Month Ended December 31, 2020
December 31, 2020
Assets
enter a balance sheet item
$
enter a dollar amount
enter a balance sheet item
enter a dollar amount
enter a balance sheet item
enter a dollar amount
select a closing section name for this part of the balance sheet
Current Assets
Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Revenues
Owner's Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Owner's Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Owner's Equity
$
enter a total amount for this part of the balance sheet
Liabilities and Owner's Equity
select an opening name for section one
Current Assets
Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Revenues
Owner's Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Owner's Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Owner's Equity
enter a balance sheet item
$
enter a dollar amount
enter a balance sheet item
enter a dollar amount
select a closing name for section one
Current Assets
Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Revenues
Owner's Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Owner's Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Owner's Equity
enter a total amount for this section of the balance sheet
select an opening name for section two
Current Assets
Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Revenues
Owner's Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Owner's Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Owner's Equity
enter a balance sheet item
enter a dollar amount
select a closing name for this part of the balance sheet
Current Assets
Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Revenues
Owner's Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Owner's Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Owner's Equity
$
enter a total amount for this part of the balance sheet
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Accounting Information Systems
Authors: Robert Hurt
2nd Edition
78111056, 978-0078111051
