Business, 12.02.2020 05:40, grandpamyth

Sheffield Corp., public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2019.
Revenues during 2019-camping fees $140,000 Notes payable $60,000
Revenues during 2019-general store 50,000 Expense during 2019 150,000
Accounts payable 11,000 Supplies on hand 2,500
Cash on hand 23,000 Common stock 20,000
Original cost of equipment 105,500 Retained earnings ?
Market value of equipment 140,000
Instructions
a. Determine Deer Park's net income for 2019.
b. Prepare a balance sheet for Deer Park as of December 31, 2019. (List assets in order of liquidity and liabilities from largest to smallest e. g. 10, 5, 3, 2.)

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answered: ems71

(a) $40,000

(b) See explanation below

Explanation:

(a) Net Income for 2019

Revenues during 2019 Camping fees = $140,000

Revenues during 2019 General store 50,000

Expense during 2019 $150,000

Net Income = Total Revenue - Expenses

Net Income = $140,000 + $50,000 - $150,000

Net Income = $40,000

(b) Prepare a balance sheet

Assets

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . .$. 23,000

Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . .2,500

Equipment . . . . . . . . . . . . . . . . . . . . . . . . .140,000

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$165,500

Liabilities

Accounts Payable . . . . . . . . . . . . . . . . . . . . 11,000

Notes Payable . . . . . . . . . . .. . . . . . . . . . . . 60,000

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71,000

Stockholders' Equity

Common Stock . . . . . . . . . . . . . . . . . . . . . . 20,000

Retained Earnings . . . . . . . . . . . . . . . . . . . . 74,500

Total Stockholders' Equity . . . . . . . . . . . . . . . . . . . . . . .94,500

Total Liabilities and Stockholders' Equity . . . . . . . . . . . . . . . . . . .$165,500

Liabilities + Equity

answered: Guest

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answered: Guest

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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Sheffield Corp., public camping ground near the Four Corners National Recreation Area, has compiled...