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Judy Cumby is the sole owner of Cullumber, a

Judy Cumby is the sole owner of Cullumber, a

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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Judy Cumby is the sole owner of Cullumber, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2024: Revenues-camping fees Operating expenses Supplies on hand Fair value of equipment Accounts payable Accounts receivable Camping fees collected for April $165,000 160,000 2,500 128,000 11,600 22,000 10,000 Revenues-general store Cash on hand Original cost of equipment Notes payable J. Cumby, capital, April 1, 2023 J. Cumby, drawings Insurance paid for in advance for April to June, 2024 $40,000 16,000 113,000 78,000 17,000 7,500 600
Transcribed Image Text:Judy Cumby is the sole owner of Cullumber, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2024: Revenues-camping fees Operating expenses Supplies on hand Fair value of equipment Accounts payable Accounts receivable Camping fees collected for April $165,000 160,000 2,500 128,000 11,600 22,000 10,000 Revenues-general store Cash on hand Original cost of equipment Notes payable J. Cumby, capital, April 1, 2023 J. Cumby, drawings Insurance paid for in advance for April to June, 2024 $40,000 16,000 113,000 78,000 17,000 7,500 600
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