Laura Hall is the sole owner of Wildhorse Vista Park, a public camping ground near the Crater Lake National Recreation Area. Laura has compiled the following financial information as of December 31, 2022: - **Revenues during 2022—camping fees:** $152,446 - **Revenues during 2022—general store:** $70,778 - **Accounts payable:** $11,978 - **Cash on hand:** $25,045 - **Original cost of equipment:** $114,879 - **Fair value of equipment:** $152,446 - **Notes payable:** $65,334 - **Expenses during 2022:** $163,335 - **Accounts receivable:** $19,056 ### (a) Determine Laura Hall's net income from Wildhorse Vista Park for 2022. **Net income:** $59,889 ### (b) Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022. (List Assets in order of liquidity.) #### Wildhorse Vista Park Balance Sheet **December 31, 2022** **Assets** - **Cash:** $25,045 - **Accounts Receivable:** $19,056 - **Equipment:** - **Total Assets:** (Amount not provided) **Liabilities and Owner’s Equity** - **Liabilities** - **Accounts Payable:** $11,978 - **Notes Payable:** $65,334 - **Total Liabilities:** $77,312 - **Owner’s Equity** - **Owner’s Capital:** $81,668 - **Total Liabilities and Owner’s Equity:** (Amount not provided) (Note: The total assets and total liabilities and owner’s equity fields appear to be placeholders, indicated with dropdown arrows, possibly for further input or calculations.) This financial overview provides insights into the fiscal standing and operational results of Wildhorse Vista Park for the year ending December 31, 2022.
Laura Hall is the sole owner of Wildhorse Vista Park, a public camping ground near the Crater Lake National Recreation Area. Laura has compiled the following financial information as of December 31, 2022: - **Revenues during 2022—camping fees:** $152,446 - **Revenues during 2022—general store:** $70,778 - **Accounts payable:** $11,978 - **Cash on hand:** $25,045 - **Original cost of equipment:** $114,879 - **Fair value of equipment:** $152,446 - **Notes payable:** $65,334 - **Expenses during 2022:** $163,335 - **Accounts receivable:** $19,056 ### (a) Determine Laura Hall's net income from Wildhorse Vista Park for 2022. **Net income:** $59,889 ### (b) Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022. (List Assets in order of liquidity.) #### Wildhorse Vista Park Balance Sheet **December 31, 2022** **Assets** - **Cash:** $25,045 - **Accounts Receivable:** $19,056 - **Equipment:** - **Total Assets:** (Amount not provided) **Liabilities and Owner’s Equity** - **Liabilities** - **Accounts Payable:** $11,978 - **Notes Payable:** $65,334 - **Total Liabilities:** $77,312 - **Owner’s Equity** - **Owner’s Capital:** $81,668 - **Total Liabilities and Owner’s Equity:** (Amount not provided) (Note: The total assets and total liabilities and owner’s equity fields appear to be placeholders, indicated with dropdown arrows, possibly for further input or calculations.) This financial overview provides insights into the fiscal standing and operational results of Wildhorse Vista Park for the year ending December 31, 2022.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Laura Hall is the sole owner of Wildhorse Vista Park, a public camping ground near the Crater Lake National Recreation Area. Laura has compiled the following financial information as of December 31, 2022:
- **Revenues during 2022—camping fees:** $152,446
- **Revenues during 2022—general store:** $70,778
- **Accounts payable:** $11,978
- **Cash on hand:** $25,045
- **Original cost of equipment:** $114,879
- **Fair value of equipment:** $152,446
- **Notes payable:** $65,334
- **Expenses during 2022:** $163,335
- **Accounts receivable:** $19,056
### (a) Determine Laura Hall's net income from Wildhorse Vista Park for 2022.
**Net income:** $59,889
### (b) Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022. (List Assets in order of liquidity.)
#### Wildhorse Vista Park Balance Sheet
**December 31, 2022**
**Assets**
- **Cash:** $25,045
- **Accounts Receivable:** $19,056
- **Equipment:**
- **Total Assets:** (Amount not provided)
**Liabilities and Owner’s Equity**
- **Liabilities**
- **Accounts Payable:** $11,978
- **Notes Payable:** $65,334
- **Total Liabilities:** $77,312
- **Owner’s Equity**
- **Owner’s Capital:** $81,668
- **Total Liabilities and Owner’s Equity:** (Amount not provided)
(Note: The total assets and total liabilities and owner’s equity fields appear to be placeholders, indicated with dropdown arrows, possibly for further input or calculations.)
This financial overview provides insights into the fiscal standing and operational results of Wildhorse Vista Park for the year ending December 31, 2022.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education