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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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…
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…
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The following is the pre-closing trial balance for Christina Rehabilitation Hospital as of September 30, 2020. CHRISTINA REHABILITATION HOSPITAL Preclosing Trial Balance September 30, 2020 (000s omitted) Debits Credits Cash and Cash Equivalents $ 50,235 Accounts Receivable 61,880 Allowance for Uncollectible Receivables $ 16,580 Inventory 8,440 Prepaid Expenses 6,640 Assets Limited as to Use—Investments 49,470 Investments 201,000 Pledges Receivable 3,850 Discount on Pledges Receivable 940 Land 7,610 Buildings 325,940 Accumulated Depreciation—Buildings 145,960 Equipment 262,160 Accumulated Depreciation—Equipment 119,540 Accounts Payable 20,760 Accrued Payables 26,820 Interest Payable…
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The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: Trial Balance—December 31, 2020 Debits Credits Accounts payable $ 25,400 Accounts receivable (net) $ 47,200 Accrued interest receivable 16,700 Accumulated depreciation 3,512,200 Cash 118,400 Contributed services 26,500 Contributions—no restrictions 2,446,000 Contributions—purpose restrictions 796,000 Contributions—endowment 2,057,500 Current pledges receivable 81,800 Education program expenses 1,537,100 Fund-raising expenses 126,100 Investment revenue—purpose restrictions 93,700 Training seminars expenses 4,548,100 Land, buildings, and equipment 5,612,700…
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The Umaasa Company included the following in its notes receivable as of December 31, 2022: Note receivable from sale of land. P1,320,000 Note receivable from consultation 1,800,000 Note receivable from sale of equipment 2,400,000 In connection with your audit, you were able to gather the following transactions during 2022 and other information pertaining to the company's notes receivable: On January 1, 2022, Umaasa Company sold a tract of land. The land, purchased 10 years ago, was carried on Umaasa Company's books at a value of P750,000. Umaasa received a noninterest-bearing note for P1,320,000. The note is due on December 31, 2024. There is no readily available market value for the land, but the current market rate of interest for comparable notes is 11%. On January 1, 2022, Umaasa Company finished consultation services and accepted in exchange a promissory note with a face value of P1,800,000, a due date of…
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