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Several Accounting Problems

Date Posted: 27/08/2020
Category: Other
Due Date: 27/08/2020
Instruction
Fill in the blanks (a) Determine Otay Lakes Park's net income for 2022. (b) Prepare a retained earnings statement and a balance sheet for Otay Lakes Park as of December 31, 2022. (c) Upon seeing this income statement, Walt Jones, the campground manager, immediately concluded, “The general store is more trouble than it is worth—let's get rid of it.” The marketing director isn't so sure this is a good idea. What do you think? SHOW ALL WORK how u got to solution
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  • • Recitation Problems Module One E12. Calculate missing amounts. (LO 3), AN Here are incomplete financial statements for Donavan, Inc. Donavan, Inc. Balance Sheet Assets Liabilities and Stockholders' Equity Cash $  7,000 Liabilities Inventory 10,000 Accounts payable $  5,000 Buildings (net) 45,000 Stockholders' equity Total assets $62,000 Common stock (a) Retained earnings (b) Total liabilities and stockholders' equity $62,000 Income Statement Revenues $85,000 Cost of goods sold (c) Salaries and wages expense 10,000 Net income $ (d)  Retained Earnings Statement Beginning retained earnings $12,000 Add: Net income (e) Less: Dividends 5,000
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  • Ending retained earnings $27,000   E14. Compute net income and prepare a balance sheet. (LO 3), AP Otay 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) $132,000 Dividends $ 9,000 Sales revenue (from general store) 25,000 Notes payable 50,000 Accounts payable 11,000 Expenses during 2022 126,000 Cash 8,500 Supplies 5,500 Equipment 114,000 Common stock 40,000 Retained earnings (1/1/2022) 5,000 Instructions (a) Determine Otay Lakes Park's net income for 2022. (b) Prepare a retained earnings statement and a balance sheet for Otay Lakes Park as of December 31, 2022. (c) Upon seeing this income statement, Walt Jones, the campground manager, immediately concluded, “The general store is more trouble than it is worth—let's get rid of it.” The marketing director isn't so sure this is a good idea. What do you think?
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