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 Revenues during 2022-general store Accounts payable Cash on hand Original cost of equipment (a) Net income $ (b) Cash Accounts Receivable Determine Laura Hall's net income from Wildhorse Vista Park for 2022. Equipment Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities Owner's Equity Owner's Capital $152,446 59,889 Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022. (List Assets in order of liquidity.) 70,778 11,978 Total Liabilities and Owner's Equity 25,045 114,879 Fair value of equipment Notes payable Expenses during 2022 Accounts receivable December 31, 2022 WILDHORSE VISTA PARK Balance Sheet Assets Liabilities and Owner's Equity $152,446 $ 65,334 163,335 19.056 25,045 19,056 11,978 65,334 77,312 81,668
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 Revenues during 2022-general store Accounts payable Cash on hand Original cost of equipment (a) Net income $ (b) Cash Accounts Receivable Determine Laura Hall's net income from Wildhorse Vista Park for 2022. Equipment Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities Owner's Equity Owner's Capital $152,446 59,889 Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022. (List Assets in order of liquidity.) 70,778 11,978 Total Liabilities and Owner's Equity 25,045 114,879 Fair value of equipment Notes payable Expenses during 2022 Accounts receivable December 31, 2022 WILDHORSE VISTA PARK Balance Sheet Assets Liabilities and Owner's Equity $152,446 $ 65,334 163,335 19.056 25,045 19,056 11,978 65,334 77,312 81,668
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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
Revenues during 2022-general store
Accounts payable
Cash on hand
Original cost of equipment
(a)
Net income $
(b)
Cash
Accounts Receivable
Determine Laura Hall's net income from Wildhorse Vista Park for 2022.
Equipment
Total Assets
Liabilities
Accounts Payable
Notes Payable
Total Liabilities
Owner's Equity
Owner's Capital
$152,446
59,889
Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022. (List Assets in order of liquidity.)
70,778
11,978
Total Liabilities and Owner's Equity
25,045
114,879
Fair value of equipment
Notes payable
Expenses during 2022
Accounts receivable
December 31, 2022
WILDHORSE VISTA PARK
Balance Sheet
Assets
Liabilities and Owner's Equity
$152,446
$
65,334
163,335
19.056
25,045
19,056
11,978
65,334
77,312
81,668](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F93d6464e-f155-4940-8921-7114e2ab97cc%2F68b0b645-24c8-463a-b6a9-d904f9e78b54%2Fd83uttc_processed.jpeg&w=3840&q=75)
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
Revenues during 2022-general store
Accounts payable
Cash on hand
Original cost of equipment
(a)
Net income $
(b)
Cash
Accounts Receivable
Determine Laura Hall's net income from Wildhorse Vista Park for 2022.
Equipment
Total Assets
Liabilities
Accounts Payable
Notes Payable
Total Liabilities
Owner's Equity
Owner's Capital
$152,446
59,889
Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022. (List Assets in order of liquidity.)
70,778
11,978
Total Liabilities and Owner's Equity
25,045
114,879
Fair value of equipment
Notes payable
Expenses during 2022
Accounts receivable
December 31, 2022
WILDHORSE VISTA PARK
Balance Sheet
Assets
Liabilities and Owner's Equity
$152,446
$
65,334
163,335
19.056
25,045
19,056
11,978
65,334
77,312
81,668
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