Chapter 1, Problem 1.14E

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

Locate Gap Inc.’s 2020 Annual Report (for fiscal year  2/2/20-1/30/21)   There are 10 sections of questions.  You will find the information necessary to answer the questions in “Item 8. Financial Statements and Supplementary Data,” of the report.  Read through the questions carefully and answer in the space provided.    What are the following amounts at 1/30/21:   Total Assets : Total Liabilities: Total Owner’s Equity : At 1/30/21:   What is the percentage of debt used to finance Gap? What is the percentage of owner’s equity used to finance Gap?   What is the significance of these two percentages?

Read the following questions carefully and select the BEST answer from the options provided. Take a photograph of the solutions to questions 1, 2, and 3.  I. Problem Solving. Make a projection of the company's net income considering the given information. Do not forget to write the given information before proceeding to the questions. Round the answer to the nearest whole number.  The CEO of PDL Corporation would like to see a five-year (2023-2027) cumulative net income projection. Consider the following information from 2022 as the basis.  Assume the following:  1. Sales revenues increased by 10% each year. 2. Cost of sales increased by 12% each year.  3. Operating expenses increased by 11% each year. 4. Income tax rate is 35%.   2022 2023 2024 2025 Year 5 Gross Sales ₱ 1,988,500.00         Less: Cost of Sales 980,000.00         Gross Profit 1,008,500.00         Less: Operating Expenses 100,850.00         Net Income Before Tax 907,650.00         Income Tax Expenses…

The following are the assets and liabilities of Mimi Mac Realty Company, as of July 31, 2021. Also included are revenue, expense, and selected stockholders' equity figures for the year ended on that date (amounts in millions): E (Click the icon to view the account balances.) (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Prepare the income statement of Mimi Mac Realty Company for the year ended July 31, 2021. (Enter all amounts in millions. If an input field is not used in the income statement leave the field empty; do not select a label or enter a zero.) - X (millions) Reference Revenue: Mimi Mac Realty Company Expenses: Balance Sheet July 31, 2021 (Millions) Assets Liabilities Cash $ 57.7 Current liabilities $ 2.5 102.1 Receivables 0.7 Long-term liabilities Net income (loss) Investment assets 76.1 Total liabilities 104.6 Property and equipment, net 1.9 10.2 Other assets Stockholders' Equity Requirements Common stock 38.8 3.2 Retained earnings 42.0…

The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2022. The accounting department of Thompson has started the fixed-asset and depreciation schedule presented below. You have been asked to assist in completing this schedule. In addition to ascertaining that the data already on the schedule are correct, you have obtained the following information from the company's records and personnel: Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) a. Depreciation is computed from the first of the month of acquisition to the first of the month of disposition. b. Land A and Building A were acquired from a predecessor corporation. Thompson paid $832,500 for the land and building together. At the time of acquisition, the land had a fair value of $110,400 and the building had a fair value of $809,600. c. Land B was acquired on October 2, 2022, in exchange for 3,200 newly issued shares of…

The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2022. The accounting department of Thompson has started the fixed-asset and depreciation schedule presented below. You have been asked to assist in completing this schedule. In addition to ascertaining that the data already on the schedule are correct, you have obtained the following information from the company's records and personnel: Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Depreciation is computed from the first of the month of acquisition to the first of the month of disposition. Land A and Building A were acquired from a predecessor corporation. Thompson paid $882,500 for the land and building together. At the time of acquisition, the land had a fair value of $97,000 and the building had a fair value of $873,000. Land B was acquired on October 2, 2022, in exchange for 3,700 newly issued shares of Thompson’s…

The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2022. The accounting department of Thompson has started the fixed-asset and depreciation schedule presented below. You have been asked to assist in completing this schedule. In addition to ascertaining that the data already on the schedule are correct, you have obtained the following information from the company's records and personnel: Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Depreciation is computed from the first of the month of acquisition to the first of the month of disposition. Land A and Building A were acquired from a predecessor corporation. Thompson paid $912,500 for the land and building together. At the time of acquisition, the land had a fair value of $100,000 and the building had a fair value of $900,000. Land B was acquired on October 2, 2022, in exchange for 4,000 newly issued shares of Thompson’s…

Required: When should Ski West recognize revenue from the sale of its season passes? Prepare the appropriate journal entries that Ski West would record on November 6 and December 31. What will be included in the Ski West 2021 income statement and balance sheet related to the sale of the season pass to Jake Lawson?

Recreational Active Club was established in 2021 to handle recreational activities for Taiping residents. The following information is related to the club: 1 Jan 2022 31 December 2022 1 Jan 31 Dec hbo Additional information: Chapter 1 Balance b/d Entrance fees Members fees: 2021 2022 2023 Contest fees Required: Prepare, Stationeries Accrual (RM) O 3,696 3,780 O Recreational Active Club Receipts and Payments Account for the year ended 31 December 2022 7,595 Stationeries 3,894 Salaries 462 Sport equipment Utilities Accrued Member Fees (RM) 16,860 663 4,686 34,160 462 546 On 1 January 2022, the club owned the following assets: Sports equipment RM9,000 Furniture RM2,970 O Office Equipment RM6,148 . Sports equipment in 1 January 2022 will be depreciated 10% per year. Utilities Payable (RM) 561 528 Rent Balance c/d 4,719 6,072 3,800 4,587 6,930 8,052 34,160 a. Income and expenditure account for the year ended 31 December 2022. b. Statement of financial position as at 31 December 2022. 17…