Answered

Find expert advice and community support for all your questions on IDNLearn.com. Get the information you need quickly and accurately with our reliable and thorough Q&A platform.

Cullumber is a private camping ground near the Boulder Peak Recreation Area. It has compiled the following financial information as of December 31, 2022.

Services revenues (from camping fees) $130,500 Dividends $7,100
Sales revenues (from general store) 33,000 Notes payable 62,000
Accounts payable 12,400 Administrative expenses 141,400
Cash 14,300 Supplies 2,500
Equipment 109,000 Common stock 32,000
Retained earnings (1/1/2022) 4,400

Required:
Determine Cullumber Lakes Park’s net income for 2022.

Sagot :

Answer:

the net income is $22,100

Explanation:

The computation of the net income is shown below:

= Services revenues (from camping fees)  + Sales revenues (from general store) - Administrative expenses

= $130,500 + $33,000 - $141,400

= $22,100

hence, the net income is $22,100

We simply deduct the expenses from the sales revenues

We are happy to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. Thank you for choosing IDNLearn.com for your queries. We’re here to provide accurate answers, so visit us again soon.