Question 5 of 7PPrepare a balance sheet at March 31, 2024.SHERIDANBalance SheetCashAccounts ReceivableSuppliesPrepaid InsuranceEquipmentTotal AssetsAccounts Payable#3EMarch 31, 2024DS4##Liabilities and Owner's EquityRAssetsF25%TC6Y1600022000272500113000&60015410011600U Please put the answers asappp!Judy Cumby is the sole owner of Sheridan, a public camping ground near Gros Morne National Park. Judy has gathered the followinfinancial information for the year ended March 31, 2024:Revenues-camping fees$164,000151,000Operating expensesSupplies on handFair value of equipmentAccounts payableAccounts receivableCamping fees collected for April2,500Profit $134,00012,00021,70010,000Your answer is incorrect.Revenues-general storeCash on handOriginal cost of equipmentNotes payableJ. Cumby, capital, April 1, 2023J.Cumby, drawingsInsurance paid for in advance for April to June, 2024Calculate Sheridan's profit for the year.eTextbook and MediaYour answer is incorrect.Calculate Judy's owner's equity as at March 31, 2024.Owner's Equity $$40,00020,200119,00078,00017,0006,000600

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Description: Question 5 of 7PPrepare a balance sheet at March 31, 2024.SHERIDANBalance SheetCashAccounts ReceivableSuppliesPrepaid InsuranceEquipmentTotal AssetsAccounts Payable#3EMarch 31, 2024DS4##Liabilities and Owner's EquityRAssetsF25%TC6Y160002200027250011

Revenue- Camping fees $164000 Add: revenue general stores $40000 Total Revenue.…

Business

Accounting

Question 5 of 7 Prepare a balance sheet at March 31, 2024. SHERIDAN Balance Sheet Cash Accounts Receivable Supplies Prepaid Insurance Equipment Total Assets March 31, 2024 Accounts Payable # # Assets Liabilities and Owner's Equity 16000 22000 2500 600 113000 154100 11600

Question 5 of 7 Prepare a balance sheet at March 31, 2024. SHERIDAN Balance Sheet Cash Accounts Receivable Supplies Prepaid Insurance Equipment Total Assets March 31, 2024 Accounts Payable # # Assets Liabilities and Owner's Equity 16000 22000 2500 600 113000 154100 11600

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Please put the answers asappp!
Judy Cumby is the sole owner of Sheridan, a public camping ground near Gros Morne National Park. Judy has gathered the followin
financial information for the year ended March 31, 2024:
Revenues-camping fees
$164,000
151,000
Operating expenses
Supplies on hand
Fair value of equipment
Accounts payable
Accounts receivable
Camping fees collected for April
2,500
Profit $
134,000
12,000
21,700
10,000
Your answer is incorrect.
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
Calculate Sheridan's profit for the year.
eTextbook and Media
Your answer is incorrect.
Calculate Judy's owner's equity as at March 31, 2024.
Owner's Equity $
$40,000
20,200
119,000
78,000
17,000
6,000
600

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