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 Revenues during 2022-general store Accounts payable Cash on hand Original cost of equipment (a) Net income $ (b) Cash Accounts Receivable Determine Laura Hall's net income from Wildhorse Vista Park for 2022. Equipment Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities Owner's Equity Owner's Capital $152,446 59,889 Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022. (List Assets in order of liquidity.) 70,778 11,978 Total Liabilities and Owner's Equity 25,045 114,879 Fair value of equipment Notes payable Expenses during 2022 Accounts receivable December 31, 2022 WILDHORSE VISTA PARK Balance Sheet Assets Liabilities and Owner's Equity $152,446 $ 65,334 163,335 19.056 25,045 19,056 11,978 65,334 77,312 81,668

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 Revenues during 2022-general store Accounts payable Cash on hand Original cost of equipment (a) Net income $ (b) Cash Accounts Receivable Determine Laura Hall's net income from Wildhorse Vista Park for 2022. Equipment Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities Owner's Equity Owner's Capital $152,446 59,889 Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022. (List Assets in order of liquidity.) 70,778 11,978 Total Liabilities and Owner's Equity 25,045 114,879 Fair value of equipment Notes payable Expenses during 2022 Accounts receivable December 31, 2022 WILDHORSE VISTA PARK Balance Sheet Assets Liabilities and Owner's Equity $152,446 $ 65,334 163,335 19.056 25,045 19,056 11,978 65,334 77,312 81,668

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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