Question: Michelle Walker is the sole owner of Sandhill Vista Park, a public camping ground near the Crater Lake National Recreation Area. Michelle has compiled

Michelle Walker is the sole owner of Sandhill Vista Park, a public camping ground near the Crater Lake National Recreation Area. Michelle has compiled the following financial information as of December 31, 2022. Revenues during 2022-camping fees $181,580 Fair value of equipment $181,580 Revenues during 2022-general store 84,305 Notes payable 77,820 Accounts payable 14,267 Expenses during 2022 194,550 Cash on hand 29,831 Accounts receivable 22,697 Original cost of equipment 136,833 (a) Determine Michelle Walker's net income from Sandhill Vista Park for 2022. Net income $ Lenovo Vantage (b) Prepare a balance sheet for Sandhill Vista Park as of December 31, 2022. (List Assets in order of liquidity.) SANDHILL VISTA PARK Balance Sheet Assets Liabilities and Owner's Equity GA
Step by Step Solution
There are 3 Steps involved in it
Part a Calculate Michelle Walkers Net Income from Sandhill Vista Park for 2022 Step 1 Identify Revenues Michelle Walker has two sources of revenue Camping Fees 181580 General Store 84305 Total Revenue... View full answer
Get step-by-step solutions from verified subject matter experts
