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

See similar textbooks

Similar questions

The park's financial records are as follows. Please calculate the park's profit 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
Recreational Active Club was established in 2021 to handle recreational activities for Taiping residents. The following information is related to the club: 1 Jan 2022 31 December 2022 1 Jan 31 Dec hbo Additional information: Chapter 1 Balance b/d Entrance fees Members fees: 2021 2022 2023 Contest fees Required: Prepare, Stationeries Accrual (RM) O 3,696 3,780 O Recreational Active Club Receipts and Payments Account for the year ended 31 December 2022 7,595 Stationeries 3,894 Salaries 462 Sport equipment Utilities Accrued Member Fees (RM) 16,860 663 4,686 34,160 462 546 On 1 January 2022, the club owned the following assets: Sports equipment RM9,000 Furniture RM2,970 O Office Equipment RM6,148 . Sports equipment in 1 January 2022 will be depreciated 10% per year. Utilities Payable (RM) 561 528 Rent Balance c/d 4,719 6,072 3,800 4,587 6,930 8,052 34,160 a. Income and expenditure account for the year ended 31 December 2022. b. Statement of financial position as at 31 December 2022. 17…
Company A purchases land on January 1, 2021 for $ 40,000 with a note payable. Other cost includes $ 2500 in delinquent property taxes, Ş in transfer taxes and a $ 1500 survey fee. General Journal Page Date Account Titles and Explanation Debit Credit
Visno
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.
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…
Please help and can show correct answer
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…
Foc
Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows: Debit $ 93,300 26,200 9,600 120,700 490,000 Cash Accounts Receivable Inventory of Supplies Land Plant and Equipment Accumulated Depreciation Vouchers Payable Bonds Payable, 5% Net Position: Invested in Capital Assets, Net of Related Debt Unrestricted Total $739,800 Credit $ 80,400 15,500 518,000 12,300 113,600 $739,800 Additional Information for 20X1: 1. Charges to customers for water and gas were $420,500, collections were $432.100. 2. A loan of $25,900 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 $76,200. The contractor was paid. 4. Supplies were acquired from central stores (internal service fund) for $13,700. Operating expenses were $330,000, and interest expense was $25,900. Payment was made for the interest and the payable to central stores, and $325,400 of the vouchers were pald. 5. Adjusting…

SEE MORE QUESTIONS

Recommended textbooks for you

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

SEE MORE TEXTBOOKS