Exercise 1-10 - $157,000.00 4 $126,000.00 5 $31,000.00 1...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
14 Name Jacqueline Reyes Section MW 2-3:40PM Date 8/31/2011 (a) DEER TRACK PARK Income Statement For the Year Ended December 31, 2012 1 Revenues 2 Camping Fees 3 General Store 4 Total Revenue Expenses $126,000.00 5 Total Expenses Net Income (b) DEER TRACK PARK Retained Earnings Statement 1 For the Year Ended December 31, 2012 2 Retained Earnings, January 1 3 Add: Net Income 4 5 Less: Dividends Retained Earnings, December 31 DEER TRACK PARK Balance Sheet 1 December 31, 2012 2 Assets 3 Cash 4 Supplies 5 Equipment 6 Total Assets 7 8 9 Liabilities and Stockholders' Equity 10 Liabilities 11 Notes Payable  $50,000.00  12 Accounts Payable  $11,000.00  13 Total Liabilities 14 Stockholder's Equity 15 Common Stock  $40,000.00  16 Retained Earnings  $27,000.00  17 Total Stockholder's Equity 18 Total Liabilities and Stockholder's Equity 19
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
14 20
Background image of page 2
14 Exercise 1-10 Deer Track Park 1 $132,000.00 2 $25,000.00 3
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 4
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 6
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 8
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: $157,000.00 4 $126,000.00 5 $31,000.00 1 $5,000.00 2 $31,000.00 3 $36,000.00 4 $9,000.00 5 $27,000.00 1 2 $8,500.00 3 $5,500.00 4 $114,000.00 5 $128,000.00 6 7 8 9 10 11 12 $61,000.00 13 14 15 16 $67,000.00 17 $128,000.00 18 19 14 20 15 Name Jacqueline Reyes Section MW 2-3:40PM Date 8/31/2011 (c) 1 Getting rid of the general store would be a bad idea considering that the company closed its 2 with a net profit. If the company were to be in trouble, its expenses would exceed its revenue 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 15 15 Exercise 1-10 Concluded Deer Track Park period 1 e. 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 15...
View Full Document

Page1 / 8

Exercise 1-10 - $157,000.00 4 $126,000.00 5 $31,000.00 1...

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online