Lisa Anderson is the sole owner of Wildhorse Vista Park, a public camping ground near the Crater Lake National Recreation Area. Lisa has compiled the following financial information as of December 31, 2022. Revenues during 2022—camping fees $198,408 Fair value of equipment $198,408 Revenues during 2022—general store 92,118 Notes payable 85,032 Accounts payable 15,589 Expenses during 2022 212,580 Cash on hand 32,596 Accounts receivable 24,801 Original cost of equipment 149,515 A) Determine Lisa Anderson’s net income from Wildhorse Vista Park for 2022. [I got $48,893 but am unsure if correct] B) Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022
Lisa Anderson is the sole owner of Wildhorse Vista Park, a public camping ground near the Crater Lake National Recreation Area. Lisa has compiled the following financial information as of December 31, 2022. Revenues during 2022—camping fees $198,408 Fair value of equipment $198,408 Revenues during 2022—general store 92,118 Notes payable 85,032 Accounts payable 15,589 Expenses during 2022 212,580 Cash on hand 32,596 Accounts receivable 24,801 Original cost of equipment 149,515 A) Determine Lisa Anderson’s net income from Wildhorse Vista Park for 2022. [I got $48,893 but am unsure if correct] B) Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Lisa Anderson is the sole owner of Wildhorse Vista Park, a public camping ground near the Crater Lake National Recreation Area. Lisa has compiled the following financial information as of December 31, 2022.
|
Revenues during 2022—camping fees
|
$198,408 |
Fair value of equipment
|
$198,408 | |||
|---|---|---|---|---|---|---|
|
Revenues during 2022—general store
|
92,118 |
Notes payable
|
85,032 | |||
|
Accounts payable
|
15,589 |
Expenses during 2022
|
212,580 | |||
|
Cash on hand
|
32,596 |
|
24,801 | |||
|
Original cost of equipment
|
149,515 | |||||
|
|
A) Determine Lisa Anderson’s net income from Wildhorse Vista Park for 2022. [I got $48,893 but am unsure if correct]
B) Prepare a
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