Betty Harris operates a water park called Cullumber Ltd. Her busiest months are April through September, although, if the weather holds, she extends park access into October. For the month of July, she recorded the following items: 1. She paid $22,800 for employee wages and spent $5,800 on promotional material. Customers paid her $184,500 to access the water park in July and $5,500 to park their cars. She enticed customers to purchase advance tickets for the month of August and collected $34,200 for these advance ticket sales in the month of July. 2. 3. 4. She used chemical supplies to purify the water in July that cost $15,400. She spent $6,200 for the use of water and $8,500 on electricity as the water park extended operating hours until midnight for the month of July. (a) Prepare a statement of income to determine how much Cullumber Ltd. earned in July

Betty Harris operates a water park called Cullumber Ltd. Her busiest months are April through September, although, if the weather holds, she extends park access into October. For the month of July, she recorded the following items: 1. She paid $22,800 for employee wages and spent $5,800 on promotional material. Customers paid her $184,500 to access the water park in July and $5,500 to park their cars. She enticed customers to purchase advance tickets for the month of August and collected $34,200 for these advance ticket sales in the month of July. 2. 3. 4. She used chemical supplies to purify the water in July that cost $15,400. She spent $6,200 for the use of water and $8,500 on electricity as the water park extended operating hours until midnight for the month of July. (a) Prepare a statement of income to determine how much Cullumber Ltd. earned in July

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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