Laura Hall is the sole owner of Wildhorse Vista Park, a public camping ground near the Crater Lake National Recreation Area. Laura has compiled the following financial information as of December 31, 2022.### Financial Information:- **Revenues during 2022 – Camping Fees:** $152,446- **Revenues during 2022 – General Store:** $70,778- **Accounts Payable:** $11,978- **Cash on Hand:** $25,045- **Original Cost of Equipment:** $114,879- **Fair Value of Equipment:** $152,446- **Notes Payable:** $65,334- **Expenses during 2022:** $163,335- **Accounts Receivable:** $19,056### Tasks:#### (a) Determine Laura Hall’s Net Income from Wildhorse Vista Park for 2022. - **Net Income:** ___________#### (b) Prepare a Balance Sheet for Wildhorse Vista Park as of December 31, 2022.**Assets:**- List assets in order of liquidity in the provided fields.**Liabilities and Owner’s Equity:**- Complete the corresponding fields to balance the sheet.

Answer to Question :- Laura Hall's Net Income from Wildhorse Vista Park =$59,889 Workings:- WILDHORSE VISTA PARK Income Statement As at December 31,2022 Particulars Amount($) Revenue Revenue during 2022-camping fees $ 1,52,446 Revenue during 2022-general store $ 70,778 (a)Total Revenue $ 2,23,224 Expenses Expenses during 2022 $ 1,63,335 (b)Total Expenses $ 1,63,335 Net Income(a)-(b) $ 59,889Answer to Question :- WILDHORSE VISTA PARK BALANCE SHEET As at December 31,2022 Assets Cash 25,045 Accounts receivable 19,056 Equipment 1,14,879 Total assets 1,58,980 Liabilities and Owner’s Equity Liabilities Accounts Payable 11,978 Notes Payable 65,334 Total Liabilities 77,312 Owner’s Equity Laura, Hall Capital(including Net Income of $59,889) 81,668 Total liabilities and owner’s equity 1,58,980

Business

Accounting

Laura Hall is the sole owner of Wildhorse Vista Park, a public camping ground near the Crater Lake National Recreation Area. Laura has compiled the following financial information as of December 31, 2022. Revenues during 2022-camping fees $152,446 Revenues during 2022-general store 70,778 Accounts payable Cash on hand Original cost of equipment (a) Net income $ 11,978 (b) 25,045 114,879 Determine Laura Hall's net income from Wildhorse Vista Park for 2022. Fair value of equipment Notes payable Expenses during 2022 Accounts receivable Assets WILDHORSE VISTA PARK Balance Sheet $152,446 Liabilities and Owner's Equity 65,334 Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022. (List Assets in order of liquidity) 163,335 19,056

Laura Hall is the sole owner of Wildhorse Vista Park, a public camping ground near the Crater Lake National Recreation Area. Laura has compiled the following financial information as of December 31, 2022. Revenues during 2022-camping fees $152,446 Revenues during 2022-general store 70,778 Accounts payable Cash on hand Original cost of equipment (a) Net income $ 11,978 (b) 25,045 114,879 Determine Laura Hall's net income from Wildhorse Vista Park for 2022. Fair value of equipment Notes payable Expenses during 2022 Accounts receivable Assets WILDHORSE VISTA PARK Balance Sheet $152,446 Liabilities and Owner's Equity 65,334 Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022. (List Assets in order of liquidity) 163,335 19,056

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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