Judy Cumby is the sole owner of Deer Park Campground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2024:

Instructions

a. Calculate Deer Park’s profit for the year.

b. Calculate Judy’s owner’s equity as at March 31, 2024.

c. Prepare a balance sheet at March 31, 2024.

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Revenues-camping fees Operating expenses Supplies on hand Fair value of equipment Accounts payable Accounts receivable Camping fees collected for April $150,000 Revenues-general store 150,000 Cash on hand 2,500 125,000 Notes payable 11,500 J. Cumby, capital, April 1, 2023 21,000 J. Cumby, drawings 10,000 Insurance paid for in advance for April to June 2024 Original cost of equipment $ 40,000 9,400 110,000 70,000 17,000 5,000 600