10:04 19 Back Final_Exam_W2023_A... V SECTION B - 80 Marks Question 1 - Financial Statements (20 marks) Judy Cumby is the sole owner of Deer Park, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2017: Revenues-camping fees $150,00 Revenues-general store 0 40,000 Operating expenses 150,000 Cash on hand 9,400 Supplies on hand 2,500 Original cost of equipment 110,00 0 Fair value of equipment 125,000 Notes payable 70,000 Accounts payable 11,500 J. Cumby, capital, April 1, 2016 17,000 Accounts receivable 21,000 J. Cumby, drawings 5,000 Camping fees collected for 10,000 Insurance paid for in advance for April to 600 April June 2017 Instructions a) Calculate Deer Park's profit for the year. b) Calculate Judy's owner's equity for the period ended March 31, 2017. c) Prepare a balance sheet at March 31, 2017. Question 2 - Multi-Step Income Statement, Classified Balance Sheet, Closing Entries (35 Marks) The adjusted trial balance data as at December 31, 2024, for Smith Company are as follows: SMITH COMPANY Adjusted Trial Balance December 31, 2024 Debit Credit Cash $ 14,500 Accounts receivable 15, 100 Merchandise inventory 29,000 Prepaid insurance 2,500 Land 150,000 Building 500,000 Accumulated denreciation