Please provide answer this accounting question not use ai and chatgpt Blossom Lakes Park is a private camping ground near the Mount Miguel Recreation Area.It has compiled the following financial information as of December 31, 2022.Service revenue (from camping$155,200 Dividends$13,140fees)Sales revenue (from general store) $38,800 Notes payable$73,000Accounts payable$16,060 Expenses during 2022$148,740Cash$12,410 Supplies$8,030Equipment$166,440 Common stock$58,400Retained(1/1/2022)earnings$7,300Determine Blossom Lakes Park's net income for 2022.

Step 1: Define Income StatementAn income statement is prepared at the end of each accounting year to…

Answered: Blossom Lakes Park is a private camping…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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The park's financial records are as follows. Please calculate the owners equalty and how it is calculated。 Revenues-camping fees$163,000Revenues - general store$40,000Operating expenses155,000Cash on hand17.200Supplies on hand2,500Original cost of equipment117 ,000Fair value of equiprment132,000Notes payable80,000Accounts payable12.200J Cumby, capital, April 1, 202317,000Accounts receivable21,400J. Cumby, drawings8,500Carmping fees collected for April10,000Insurance paid for in advance for April to June, 2024600
The Edwards Lake Community Hospital balance sheet as of December 31, 2019, follows. EDWARDS LAKE COMMUNITY HOSPITAL Balance Sheet As of December 31, 2019 Assets Current assets: Cash and Cash Equivalents $ 485,400 Accounts and notes receivable (net of uncollectible accounts of $17,500) 28,200 Inventory 98,200 Total current assets 611,800 Assets limited as to use: Cash $ 18,840 Investments 237,720 Total assets limited as to use 256,560 Property, plant, and equipment: Land 218,600 Buildings (net of accumulated depreciation of $1,624,700) 2,901,500 Equipment (net of accumulated depreciation of $1,026,200) 1,862,200 Total property, plant, and equipment 4,982,300 Total assets $ 5,850,660…
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
A government agency had the following items for disbursements:Electricity Expenses 560,000Telephone Expenses 134,400Rent Expenses 89,600 Office Supplies Inventory 100,800Office Equipment 168,000How much is the total amount credited to 1-01-04-040 for the above disbursements?
During the fiscal year ended September 30, 2017, the following transactions (summarized) occurred in the Town of Berthoud Information Technology Internal Service Fund: Employees were paid $390,000 Utility bills received from the Town of Berthoud’s Utility Fund during the year amounted to $33,500 Office expenses paid in cash during the year amounted to $10,500. Services supplies purchased on account during the year totaled $167,500 Parts and supplies used during the year totaled $152,300 (at cost) Charges to departments during the fiscal year were as follows: General Fund $408,700 Street Fund $379,300 Payments to the Utility Fund totaled $21,800. Annual depreciation totaled $40,000 for machinery and equipment. Prepare Journal Entries
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The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12/31/2021: Year ended 12/31/2021 Net sales $7,949 Cost of goods sold 4,767 Selling and administrative expense 1,909 Interest expense 416 Income before tax 857 Net income 458 12/31/2021 12/31/2020 Cash and cash equivalents $ 975 $ 64 Receivables, net 1,010 664 Inventories 1,055 519 Land, buildings and equipment at cost, net 13,500 3,844 Total assets $ 16,540 $ 5,091 Total current liabilities $ 5,747 $ 2,209 Long-term debt 5,591 2,221 Total liabilities $ 11,338 $ 4,430 Total stockholders' equity $ 5,202 $ 661 Required:Compute the return on assets for 2021. (Round your answer to 1 decimal place.)
How Do You Put the information in on the box? And what do i do? The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities$480,000 Cash and cash equivalents, business-type activities 1,010,000 Receivables, governmental activities 570,000 Receivables, business-type activities 1,683,000 Inventories, business-type activities 660,000 Capital assets, net, governmental activities 17,133,000 Capital assets, net, business-type activities 9,010,000 Accounts payable, governmental activities 823,000 Accounts payable, business-type activities 709,000 General obligation bonds, governmental activities 9,893,000 Revenue bonds, business-type activities 4,070,000 Long-term liability for compensated absences, governmental activities 456,000. From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April…
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On december 1, 2023 , Dolce Corporation established a petty cash fund of 5,000. On December 31, 2023, the petty cash fud was examined and found to have receipts and documents for miscellaneous expenses amounting to 2,740 and a petty cash voucher for 1,250 signed by an employee as a IOU. In addition, there was cash amounting to 860 Question:Assuming that on replenishment was made at year end, what entry would be required to record adjustment of the petty cash fud o December 31, 2023? A. Miscellaneous Expeses 2,740 Petty Cash Fund 860 Receivable from Employees 1,250 Cash In Bank 5,000 B. Miscellaneous Expeses 2,740 Receivable from Employees 1,250 Cash Short and Over 150 Petty Cash Fund 4,140 C. Miscellaneous Expeses 2,740 Receivable from Employees 1,250 Cash Short and Over 150…
The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the first day of the fiscal year: Debits Credits Cash $220,000 Customer accounts receivable 200,000 Allowance for uncollectible accounts $27,000 Materials and supplies 120,000 Restricted assets (cash) 280,000 Utility plant in service 7,000,000 Accumulated depreciation-utility plant 2,600,000 Construction work in progress 180,000 Accounts payable 120,000 Accrued expenses payable 78,000 Revenue bonds payable 3,600,000 Net position Totals 1,575,000 $8,000,000 $8,000,000 During the year ended June 30, 2024, the following transactions and events occurred in the Town of Weston Water Utility. Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,372,000; billings to the General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and…

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