Sunland Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022. Service revenue (from camping fees) $130,400 Dividends $10,440 Sales revenue (from general store) 32,600 Notes payable 58,000 Accounts payable 12,760 Expenses during 2022 127,040 Cash 9,860 Supplies 6,380 Equipment 132,240 Common stock 46,400 Retained earnings (1/1/2022) 5,800 (a) Determine Sunland Lakes Park's net income for 2022. Sunland Lakes Park's net income for 2022 $

Sunland Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022. Service revenue (from camping fees) $130,400 Dividends $10,440 Sales revenue (from general store) 32,600 Notes payable 58,000 Accounts payable 12,760 Expenses during 2022 127,040 Cash 9,860 Supplies 6,380 Equipment 132,240 Common stock 46,400 Retained earnings (1/1/2022) 5,800 (a) Determine Sunland Lakes Park's net income for 2022. Sunland Lakes Park's net income for 2022 $

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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During 2019, Kansas City issued bonds for financing the construction of a civic center and bonds for financing improvements in the environmental controls for its water and sewer enterprise. The latter bonds require a sinking fund for their retirement. Items (1) through (4) represent items Kansas City should report in its 2019 financial statements. Determine in which of the following funds and account groups [(a) through (f )] each item [(1) through (4)] would be included: a. General fund. b. Enterprise funds. c. Capital projects funds. d. Debt service funds. e. General fixed assets account group. f. General long-term debt account group. 1. Bonds payable. 2. Accumulated depreciation. 3. Amounts identified for the repayment of the two bond issues. 4. Fund balance—assigned for encumbrances.
Regarding Rodney' s Registered Retirement Savings Plan situation, assume that the following data is accurate: - His earned income in 2019 was $100,000, and $150,000 in 2020 - His Pension Adjustment based on 2019 data was $8,000, and based on 2020 data, it was $9,000. - Unused RRSP deduction limit room at the end of 2019 was $3,000. - He had undeducted RRSP contributions balance of $3,275 at the end of 2019. - He contributed $13,000 to his RRSP in 2020. Required: 1. What is the RRSP contribution room limit for 2020 2. What is the maximum RRSP tax deduction that can be claimed for 2020 3. What is the unused RRSP Contribution Room available at the end of 2020 4. Determine any undeducted contributions remaining at the end of 2020; and 5. Determine whether at the end of 2020, there are any excess RRSP contributions, on which penalties will apply
Ibri municipality begun a park renovation and completed it during the year 2019, sources from the proceeds of a bond issue for the renovation of park RO 200,000, Transfer from general fund RO 100,000. In its 2019 capital projects fund, how much should report as revenue? a. RO 700,000 b. None of the options c. RO 500,000 d. RO 400,000
Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2021: Service cost Accumulated postretirement benefit obligation, January 1 Plan assets (fair value), January 1 Prior service cost-AOCI Net gain-AOCI (2021 amortization, $2) Retiree benefits paid (end of year) Contribution to health care benefit fund (end of year) Discount rate, 8% Return on plan assets (actual and expected), 10% Required: 1. Determine the postretirement benefit expense for 2021. 2. Prepare the appropriate journal entries to record the (a) postretirement benefit expense, (b) funding, and (c) retiree benefits for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the postretirement benefit expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) Postretirement benefit expense ($ in thousands) $ ($ in thousands) $ 136 700 30 none 100 88 200
Information on an entity's defined benefit plan are shown below Return on plan asset 240,000 Fair value of plan asset, Jan 1, 2020 2,000,000 Benefits paid to retirees 600,000 Settlement gain on early retirement 100,000 Contributions to the fund 900,000 What is the balance of the Fair value of plan asset on December 31, 2020?
The following is selected information for the general fund of the Village of Hampton for 2021: Total assets at December 31, 2021, reported on the general fund balance sheet (included in the total for assets is $7,000 for office supplies and $15,000 for an advance to the water utility enterprise fund that is due in its entirety in 2025); v Total liabilities at December 31, 2021, reported on the general $252,000 fund balance sheet 82,000 v Total deferred inflows of resources at December 31, 2021, reported on the general fund balance sheet v Fund balance, December 31, 2021, reported on the general fund statement of revenues, expenditures, and changes in 18,400 fund balance 151,600 Additional information as of December 31, 2021: * The Village received a cash grant of $76,000 from the Department of Homeland Security during 2021. The purpose of the grant was to train the Village's police force to combat terrorism. The grant has no time restrictions. The Village spent $68,000 of the grant…
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What amount was recognized as actuarial gain on PBO during the year? 100 000 200 000 240 000 0 What is the benefit expense for 2019? 500 000 795 000 295 000 195 000
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