Solution-Calculate judy owner equity for the period ended

Calculate judy owner equity for the period ended march

Assignment Help Accounting Basics

Reference no: EM133109231

Question - Judy Cumby is the sole owner of Pharoah, 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	$160,000	Revenues-general store	$40,000
Operating expenses	152,000	Cash on hand	20,000
Supplies on hand	2,500	Original cost of equipment	116,000
Fair value of equipment	131,000	Notes payable	80,000
Accounts payable	12,400	J. Cumby, capital, April 1, 2020	17,000
Accounts receivable	21,300	J. Cumby, drawings	7,000
Camping fees collected for April	10,000	Insurance paid for in advance for April to June, 2021	600

Required -

Calculate Pharoah's profit for the year.

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

Prepare a balance sheet at March 31, 2021 for Pharaoh.

Prepare Liabilities and owner equities.

Reference no: EM133109231

Questions Cloud

Explain the concept of revenue streams : Explain the concept of revenue streams. How can revenue streams be created or expanded? What are the pros and cons of the creation of revenue streams?

Compare and contrast different selection methods : Compare and contrast different selection methods that are used to assess the suitability of candidates and when it is most appropriate to use each method (AC 2.

What role do leaders have in building working relationships : a. List and briefly outline the impact of any legislative and organisational requirements relating to workload management, performance management, and developme

Software for team collaboration : Are the features of this software? How does this software facilitate group interaction? Who do you believe is the primary Market for this service?

Calculate judy owner equity for the period ended march : Calculate Judy's owner's equity for the period ended March 31, 2021. Prepare a balance sheet at March 31, 2021 for Pharaoh

Bounded rationality decision examples : Being a wise man should make decisions in a rational way instead of irrational way. Provide your own bounded rationality decision examples or experience.

Culture difference on customer service : Consider the impact of supplier's emotion or culture difference on customer service. Please give me a case about your purchase experience.

Why is healthcare a complex industry : Why is healthcare a complex industry in which to manage people?

Describe yourself using the cvfs action : Based on the information you gathered about your own actions, how would you describe yourself using the CVF's Action Imperatives discussed

User Account

All Pages

Calculate judy owner equity for the period ended march

Reference no: EM133109231

Reference no: EM133109231

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT