FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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.
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Transcribed Image Text: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.
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