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Cumby is the sole owner of Crane, a public camping ground near Gros Morne National Park. Judy has gathered the fo

Cumby is the sole owner of Crane, a public camping ground near Gros Morne National Park. Judy has gathered the fo

FINANCIAL ACCOUNTING
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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Cumby is the sole owner of Crane, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2024:

Revenues-general store $40,000 Revenues-camping fees $162,000 Operating expenses 155,000 Cash on hand 1700 Supplies on hand 2,500 Original cost of equipment: 115000 Fair value of equipment 130,000 Notes payable 8100 Accounts payable 11,900 J. Cumby, capital, April 1, 2023:17000 Accounts receivable 21,300 J. Cumby, drawings:10500 Camping fees collected for April 10,000 Insurance paid for in advance for April to June, 2024:600 

what is owner's equity?

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