Debra King is the sole owner of Cullumber Vista Park, a public camping ground near the Crater Lake National Recreation Area. Debra has compiled the following financial information as of December 31, 2020.Revenues during 2020—camping fees $143,962 Fair value of equipment $143,962Revenues during 2020—general store 66,840 Notes payable 61,698Accounts payable 11,311 Expenses during 2020 154,245Cash on hand 23,651 Accounts receivable 17,995Original cost of equipment 108,486 Determine Debra King’s net income from Cullumber Vista Park for 2020.NET INCOME ? $________ **Cullumber Vista Park Balance Sheet****Assets**- [Input Field] $ [Amount]- [Input Field] $ [Amount]- [Input Field] $ [Amount]- [Dropdown Field] $ [Amount]- $ [Total Assets] **Liabilities and Owner’s Equity**- [Dropdown Field] $ [Amount]- [Input Field] $ [Amount]- [Dropdown Field] $ [Amount]- [Dropdown Field] $ [Amount]- [Input Field] $ [Amount]- [Dropdown Field] $ [Amount]- $ [Total Liabilities and Owner’s Equity]**Explanation:**This is a template for the balance sheet of Cullumber Vista Park. The balance sheet includes various sections for both Assets and Liabilities and Owner’s Equity. **Assets**- There are three fields where different asset items can be entered, followed by their respective amounts in dollars.- An additional dropdown field is provided for other asset categories, where users can select the appropriate category and input the dollar amount.- Finally, the total assets amount is calculated and displayed at the bottom of the Assets section.**Liabilities and Owner’s Equity**- Similar to the Assets section, this section contains fields for entering various liabilities and owner’s equity items.- There are dropdown fields to select specific categories, followed by fields to input their corresponding dollar amounts.- The total amount for liabilities and owner’s equity will be displayed at the bottom of this section.This balance sheet template allows users to systematically record and calculate their financial standings by inputting the respective amounts in the provided fields.

Net Income - It is an entity's net income minus all the relevant cost with regards to same i.e. cost…

Answered: Debra King is the sole owner of…

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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Debra King is the sole owner of Cullumber Vista Park, a public camping ground near the Crater Lake National Recreation Area. Debra has compiled the following financial information as of December 31, 2020.

Revenues during 2020—camping fees	$143,962	Fair value of equipment	$143,962
Revenues during 2020—general store	66,840	Notes payable	61,698
Accounts payable	11,311	Expenses during 2020	154,245
Cash on hand	23,651	Accounts receivable	17,995
Original cost of equipment	108,486

Determine Debra King’s net income from Cullumber Vista Park for 2020.

NET INCOME ? $________

**Cullumber Vista Park Balance Sheet**

**Assets**
- [Input Field] $ [Amount]
- [Input Field] $ [Amount]
- [Input Field] $ [Amount]
- [Dropdown Field] $ [Amount]
- $ [Total Assets]

**Liabilities and Owner’s Equity**
- [Dropdown Field] $ [Amount]
- [Input Field] $ [Amount]
- [Dropdown Field] $ [Amount]
- [Dropdown Field] $ [Amount]
- [Input Field] $ [Amount]
- [Dropdown Field] $ [Amount]
- $ [Total Liabilities and Owner’s Equity]

**Explanation:**
This is a template for the balance sheet of Cullumber Vista Park. The balance sheet includes various sections for both Assets and Liabilities and Owner’s Equity.

**Assets**
- There are three fields where different asset items can be entered, followed by their respective amounts in dollars.
- An additional dropdown field is provided for other asset categories, where users can select the appropriate category and input the dollar amount.
- Finally, the total assets amount is calculated and displayed at the bottom of the Assets section.

**Liabilities and Owner’s Equity**
- Similar to the Assets section, this section contains fields for entering various liabilities and owner’s equity items.
- There are dropdown fields to select specific categories, followed by fields to input their corresponding dollar amounts.
- The total amount for liabilities and owner’s equity will be displayed at the bottom of this section.

This balance sheet template allows users to systematically record and calculate their financial standings by inputting the respective amounts in the provided fields.

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