The park's financial records are as follows. Please calculate the park's profit and how it is calculated。 Revenues-camping fees $163,000 Revenues - general store $40,000 Operating expenses 155,000 Cash on hand 17.200 Supplies on hand 2,500 Original cost of equipment 117 ,000 Fair value of equiprment 132,000 Notes payable 80,000 Accounts payable 12.200 J Cumby, capital, April 1, 2023 17,000 Accounts receivable 21,400 J. Cumby, drawings 8,500 Carmping fees collected for April 10,000 Insurance paid for in advance for April to June, 2024 600

The park's financial records are as follows. Please calculate the park's profit and how it is calculated。 Revenues-camping fees $163,000 Revenues - general store $40,000 Operating expenses 155,000 Cash on hand 17.200 Supplies on hand 2,500 Original cost of equipment 117 ,000 Fair value of equiprment 132,000 Notes payable 80,000 Accounts payable 12.200 J Cumby, capital, April 1, 2023 17,000 Accounts receivable 21,400 J. Cumby, drawings 8,500 Carmping fees collected for April 10,000 Insurance paid for in advance for April to June, 2024 600

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5Q: For each of the following transactions, state whether the cost would be capitalized (C) or recorded...

See similar textbooks

Similar questions

The park's financial records are as follows. Revenues-camping fees$163,000Revenues - general store$40,000Operating expenses155,000Cash on hand17.200Supplies on hand2,500Original cost of equipment117 ,000Fair value of equiprment132,000Notes payable80,000Accounts payable12.200J Cumby, capital, April 1, 202317,000Accounts receivable21,400J. Cumby, drawings8,500Carmping fees collected for April10,000Insurance paid for in advance for April to June, 2024600 create a balance sheet with Liabilities and Owner's Equity.
1. The following expenditures were incurred by Grouper Company in purchasing land: cash price $80,000, accrued taxes $3,500, attorneys’ fees $2,100, real estate broker’s commission $1,600, and clearing and grading $5,100. What is the cost of the land? 2. Riverbed Company incurs the following expenditures in purchasing a truck: cash price $53,000, accident insurance $4,500, sales taxes $2,900, motor vehicle license $100, and painting and lettering $400. What is the cost of the truck?
The following data are accumulated by Waiola Company in evaluating the purchase of $120,000 of equipment, having a 4-year useful life: Year Net Income Net Cash Flow Year 1 $45,000 $75,000 Year 2 28,000 58,000 Year 3 19,500 49,500 Year 4 (7,000) 37,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Assuming that the desired rate of return is 6%, determine the net present value for the proposal. If required, round to the nearest dollar.Net present value fill in the blank 1 of 1$
On August 1, 20x1, ABC Co. received 1,800,000 grant from the government to aid in ABC Co.’s clean-up drive in a nearby creek. The clean up took ABC Co. 6 months to complete from September 1, 20x1 to March 1, 20x2. The clean up costs totaled 2,700,000 and were incurred evenly. If ABC Co. uses the gross presentation, how much is the income from the government grant in 20x1? How much is the balance of the deferred income from government grant on December 31, 20x1? If ABC Co. uses the net presentation, how much is the cost of the clean up recognized as expense in 20x1? On July 1, 20x1, a flood damaged one of ABC’s buildings. The building has a carrying amount of 2,400,000 before the flood. Because of the damages, the building is now assessed to have a recoverable amount of only 9,000,000 and a reduced remaining useful life of 4 years. To aid in the loss, the government granted ABC Co. 200,000 cash. How much is the income from government grant in 20x1?
For each of the following items, enter the correct letter to show whether the expenditure should becapitalized (C) or expensed (E).Transactions1. Purchased a machine, $70,000; gave long-term note.2. Paid $600 for ordinary repairs.3. Purchased a patent, $45,300 cash.4. Paid cash, $200,000, for addition to old building.5. Paid $20,000 for monthly salaries.6. Paid $250 for routine maintenance.7. Paid $16,000 for extraordinary repairs.
The St. Louis Museum of Science, a private museum, reports the following expenses: Educational Programs, using restricted cash contributions P 15,000,000 Costs of capital campaign brochures and events 3,000,000 Administrative Office Salaries, paid in cash 4,000,000 Utilities and salaries to maintain museum exhibits, using unrestricted cash contributions 23,000,000 On its statement of activities, the museum reports program expenses of:
How the following items are shown in the balance sheet of Not –for – profitOrganisation on 31st March 2007: Expenditure on construction of pavilion(The construction work was in progress) ...................$3,60,000Pavilion fund on 31st March 2006............................ $3,10,000Donation received during yr 2006-07................................. $4,20,000Capital fund on 1st April 2006....................... $5,50,000
On August 1, 20x1, ABC Co. received a P1,800,000 grant from the government to aid in ABC Co.’s clean-up drive in a nearby creek. The cleanup took ABC Co. 6 months to complete from September 1, 20x1 to March 1, 20x2. The clean-up costs totaled P2,700,000 and were incurred evenly. If ABC Co. uses the gross presentation, how much is the income from the government grant in 20x1? How much is the balance of the deferred income from the government grant on December 31, 20x1? If ABC Co. uses the net presentation, how much is the cost of the cleanup recognized as an expense in 20x1? On July 1, 20x1, a flood-damaged one of ABC’s buildings. The building has a carrying amount of P24,000,000 before the flood. Because of the damages, the building is now assessed to have a recoverable amount of only P9,000,000 and a reduced remaining useful life of 4 years. To aid in the loss, the government granted ABC Co. P200,000 cash. How much is the income from government grants in 20x1?
Blossom Company incurs these expenditures in purchasing a truck: cash price $20,000, accident insurance (during use) $1,500, sales taxes $1,100, motor vehicle license $200, and painting and lettering $1,600.What is the cost of the truck? The cost of the truck $Enter a dollar amount
the following expeditures were incurred by Obermeyer company in purchasing land : cash price $70,000, accured taxes $3,000, attorneys' fee $2500, real estate broker's commission $2000, and clearing and grading $3500. what is the cost of the lamnd?
The following expenditures were incurred by Monty Company in purchasing land: cash price $73,000, accrued taxes $5,500, attorneys’ fees $2,800, real estate broker’s commission $1,100, and clearing and grading $5,700. What is the cost of the land? Cost of the land $
1 Ross Company incurs these expenditures in purchasing a truck: cash price $25,000, accident insurance (during use) $2,000, sales taxes $1,080, motor vehicle license $400, and painting and lettering $2,800. What is the cost of the truck?