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 Receivable21,000

Advertising Expense17,000

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 Expense2,500

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?