Question

Presented here are the amounts of Assets, Liabilities, Shareholders’ Equity, Revenues, and Expenses of Camp Out, Inc. at October 31, 2013. The items are listed in alphabetical order.
Accounts Payable $ 13,000
Accounts Receivable 21,000
Advertising Expense 17,000
Building 150,000
Cash 17,000
Common Shares 75,000
Dividends 33,000
Equipment 50,000
Insurance Expense 1,000
Interest Expense $ 7,000
Land 36,000
Note Payable 64,000
Property Tax Expense 2,500
Rent Expense 22,000
Salary Expense 71,000
Salary Payable 1,900
Service Revenue 195,000
Supplies 1,100
The common shares and retained earnings balance of the business were $75,000 and $79,700 respectively at October 31, 2012.
Requirements
1. Identify each amount shown as an asset, liability, or shareholders’ equity.
2. Prepare the company’s income statement and statement of changes in equity for the year ended October 31, 2013.
3. Prepare the company’s statement of financial position at October 31, 2013.
4. Answer these questions about the company:
a. What was the profit or loss for the year?
b. What was the increase or decrease of retained earnings for the year?
c. What is the amount of economic resources on October 31, 2013?
d. What is the amount owed on October 31, 2013?


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  • CreatedJuly 08, 2015
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