Debra King is the sole owner of Cullumber Vista Park, a public camping ground near the Crater Lake National Recreation Area. Debra has compiled the following financial information as of December 31, 2020.Revenues during 2020—camping fees $143,962 Fair value of equipment $143,962Revenues during 2020—general store 66,840 Notes payable 61,698Accounts payable 11,311 Expenses during 2020 154,245Cash on hand 23,651 Accounts receivable 17,995Original cost of equipment 108,486 Determine Debra King’s net income from Cullumber Vista Park for 2020.NET INCOME ? $________ CULLUMBER VISTA PARKBalance SheetAssets$Liabilities and Owner's Equity2$2$%24>>

Net Income - It is an entity's net income minus all the relevant cost with regards to same i.e. cost…

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Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 1.5EX: Accounting equation The total assets and total liabilities (in millions) of Dollar Tree Inc. and...

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

Revenues during 2020—camping fees	$143,962	Fair value of equipment	$143,962
Revenues during 2020—general store	66,840	Notes payable	61,698
Accounts payable	11,311	Expenses during 2020	154,245
Cash on hand	23,651	Accounts receivable	17,995
Original cost of equipment	108,486

Determine Debra King’s net income from Cullumber Vista Park for 2020.

NET INCOME ? $________

CULLUMBER VISTA PARK
Balance Sheet
Assets
$
Liabilities and Owner's Equity
2$
2$
%24
>
>

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