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Question

Śea Surf Campground Inc. is a public camping ground near Ocean National Park. It has the following financial

information.


Camping revenue              $283,000

Cash                           19,000

Equipment                      124,000

Accounts Payable              16,500

Bank loan payable               50,000

Income Tax Expense            10,000

Dividends Declared             $12,000

Operating Expenses              245000

Supplies                         2,500

Common Shares, Jan. 1          30,000

Common Shares issued

during year                       $15,000

Retained earnings, Jan.1          $ 18,000


Instructions

a) prep an income statement.

b) Pre a Statement of Changes in Equity.

c) Prep a Statement of Financial Position.

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