Solution-Calculate Judy owner equity for the period ended

Calculate Judy owner equity for the period ended March

Reference no: EM133103579

Question - Judy Cumby is the sole owner of Wildhorse, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2021:

Revenues-camping fees	$166,000	Revenues-general store	$40,000
Operating expenses	156,000	Cash on hand	19,600
Supplies on hand	2,500	Original cost of equipment	116,000
Fair value of equipment	131,000	Notes payable	79,000
Accounts payable	12,000	J. Cumby, capital, April 1, 2020	17,000
Accounts receivable	21,300	J. Cumby, drawings	8,000
Camping fees collected for April	10,000	Insurance paid for in advance for April to June, 2021	600

Required -

1. Calculate Wildhorse's profit for the year.

2. Calculate Judy's owner's equity for the period ended March 31, 2021.

3. Prepare a balance sheet at March 31, 2021.

Reference no: EM133103579

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Calculate Judy owner equity for the period ended March : Judy Cumby is the sole owner of Wildhorse, a public camping ground near Gros Morne National Park. Calculate Judy owner equity for the period ended March

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Calculate Judy owner equity for the period ended March

Reference no: EM133103579

Reference no: EM133103579

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