Cullumber lakes park Cullumber Lakes Park is a private camping ground near the Mount MiguelRecreation Area. It has compiled the following financial information as ofDecember 31, 2022.Service revenuecamping fees)(from$132,600 Dividends$9,540Sales revenue (from general$23,400 Notes payable$53,000store)Accounts payable$11,660 Expenses during 2022$123,140Cash$9,010 Supplies$5,830Equipment$120,840 Common stock$42,400Retained(1/1/2022)earnings$5,300Determine Cullumber Lakes Park's net income for 2022.

Step 1: Define Income StatementAs one of the year-end financial reports, the income statement shows…

Answered: Cullumber Lakes Park is a private…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 4.9C

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3 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at…
3 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the…
2 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the closing entries for December 31. Prepare the Statement of Revenues, Expenses, and Changes in Fund…
The preclosing trial balance for the City of Hudson Golf Course Enterprise Fund is shown below. CITY OF HUDSON Golf Course Enterprise Fund Preclosing Trial Balance December 31, 2021 Debits Credits Cash $12,036 Accounts receivable 29,600 Estimated uncollectible accounts $4,000 Cash―restricted for debt service 120,000 Cash restricted for customer deposits 18,400 Land 720,000 Equipment 260,000 Accumulated depreciation-equipment 84,000 Buildings 1,200,000 Accumulated depreciation-buildings 520,000 Accounts payable 16,668 Customers' deposits payable 18,400 Revenue bonds payable 800,000 Accrued interest payable-revenue bonds 5,200 Net position, January 1, 2021 752,592 Revenue from rentals 640,000 Personal services expense 304,000 Utilities expense 50,400 Repairs and maintenance expense 37,600 Depreciation expense-equipment 12,000 Depreciation expense-building 40,000 Interest expense 32,024 Estimated uncollectible accounts 4,000 Supplies expense 800 $2,840,860 $2,840,860
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Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows: Cash Accounts Receivable Inventory of Supplies Land Plant and Equipment Accumulated Depreciation Vouchers Payable Bonds Payable, 6% Net Position: Invested in Capital Assets, Net of Related Debt Unrestricted Total Additional Information for 20X1: Debit $ 93,100 26,100 8,500 Credit 121,600 488,000 $ 81,000 16,500 510,000 18,600 111,200 $737,300 $737,300 1. Charges to customers for water and gas were $420,200; collections were $433,800. 2. A loan of $30,600 for two years was received from the general fund. 3. The water and gas lines were extended to a new development at a cost of $76,700. The contractor was paid. 4. Supplies were acquired from central stores (internal service fund) for $12,800. Operating expenses were $328,200, and interest expense was $30,600. Payment was made for the interest and the payable to central stores, and $326,700 of the vouchers were paid. 5. Adjusting…
Hint: For taxes received journal entry, the $5,000 must come from estimated uncollectible revenues.
Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…
2
The following Trial Balance is the financial details of West Municipal Assembly for the year ended 31 December, 2021. $ ’000 $ ’000 District Development Facility (DDF) 58,600 Special Sanitation Grant from Government 30,260 Share of Common fund 587,450 Property Rate (iii) 73,230 Funeral Rate 25,270 Salary Div 1 266,280 Commission to Revenue Collectors 15,790 Printing and Publication 66,110 Utility Bills 20,040 Conferences 14,580 Donations 80,770 Contract Retention 13,970 Market Tolls 25,550 Court Fines 109,400 Marriage and Divorce Registration 43,840 Telecommunication Cost 18,830 Repairs and Maintenance 9,720 Town Hall Meetings 64,890 Special Audit Fees 27,130 Travel and Transport 54,670 Revenue Receivable 208,570 Salary Div 2 315,090 Assembly Members Allowance 79,000 Consultancy Cost 4,750 Hawkers License 37,150 Chop bar License 85,600 Market stalls rent 31,590 Bungalow rent 20,750 Advertisement and Promotions 11,500 Office Consumables (1/1/2021) 18,290 Purchase of Office Consumable…
The following Trial Balance is the financial details of West Municipal Assembly for the year ended 31 December, 2021. $ ’000 $ ’000 District Development Facility (DDF) 58,600 Special Sanitation Grant from Government 30,260 Share of Common fund 587,450 Property Rate (iii) 73,230 Funeral Rate 25,270 Salary Div 1 266,280 Commission to Revenue Collectors 15,790 Printing and Publication 66,110 Utility Bills 20,040 Conferences 14,580 Donations 80,770 Contract Retention 13,970 Market Tolls 25,550 Court Fines 109,400 Marriage and Divorce Registration 43,840 Telecommunication Cost 18,830 Repairs and Maintenance 9,720 Town Hall Meetings 64,890 Special Audit Fees 27,130 Travel and Transport 54,670 Revenue Receivable 208,570 Salary Div 2 315,090 Assembly Members Allowance 79,000 Consultancy Cost 4,750 Hawkers License 37,150 Chop bar License 85,600 Market stalls rent 31,590 Bungalow rent 20,750 Advertisement and Promotions 11,500 Office Consumables (1/1/2021) 18,290 Purchase of Office Consumable…
Review problem affecting reporting on General Fund As the recently appointed chief accountant of the City of York, you asked the bookkeeper for a trialbalance of the General Fund as of December 31, 2022. York uses only a General Fund to recordall its transactions. This is what you received: City of York General Fund Trial Balance December 31, 2022 Debits Credits Cash $20,800 Short-term investments 180,000 Accounts receivable 11,500 Taxes receivable—current 30,000 Tax anticipation notes payable $58,000 Appropriations 927,000 Expenditures 795,200 Estimated revenues 927,000 Revenues 750,000 General city property 98,500 General obligation bonds payable 52,000 Unassigned fund balance 380,000 $2,115,000 $2,115,000 After reviewing the trial balance, you realize that the inexperienced bookkeeper made errors onsome transactions and merely guessed at the correct accounting treatment of other transactions.This is what you found…

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