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Determine Betty Harris net income from Cullumber Vista

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Reference no: EM132797454

Problem - Betty Harris is the sole owner of Cullumber Vista Park, a public camping ground near the Crater Lake National Recreation Area. Betty has compiled the following financial information as of December 31, 2020.

Revenues during 2020-camping fees

$166,950

Fair value of equipment

$166,950

Revenues during 2020-general store

77,512

Notes payable

71,550

Accounts payable

13,117

Expenses during 2020

178,875

Cash on hand

27,427

Accounts receivable

20,869

Original cost of equipment

125,809

 

 

Required -

(a) Determine Betty Harris's net income from Cullumber Vista Park for 2020.

(b) Prepare a balance sheet for Cullumber Vista Park as of December 31, 2020.

Reference no: EM132797454

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