Exercise 1-14

Loren Satina is the sole owner of Clear View Park, a public camping ground near the Lake Mead National Recreation Area. Loren has compiled the following financial information as of December 31, 2017.


Revenues during 2017—camping fees
$172,564
Fair value of equipment
$172,564

Revenues during 2017—general store
80,119 Notes payable 73,956
Accounts payable 13,559
Expenses during 2017
184,890
Cash on hand 28,350 Accounts receivable 21,570

Original cost of equipment
130,039

(a)

Determine Loren Satina’s net income from Clear View Park for 2017.

Net income $

(b)

Prepare a balance sheet for Clear View Park as of December 31, 2017. (List Assets in order of liquidity.)

CLEAR VIEW PARK
Balance Sheet

Assets



Exercise 1-15

Presented below is financial information related to the 2017 operations of Sea Legs Cruise Company.

Maintenance and repairs expense $ 99,000
Utilities expense 11,000
Salaries and wages expense 132,000
Advertising expense 28,500
Ticket revenue 401,000

Prepare the 2017 income statement for Sea Legs Cruise Company.

SEA LEGS CRUISE COMPANY
Income Statement


Exercise 1-16

Presented below is information related to the sole proprietorship of Alice Henning, attorney.

Legal service revenue—2017 $337,000
Total expenses—2017 207,000
Assets, January 1, 2017 93,000
Liabilities, January 1, 2017 54,000
Assets, December 31, 2017 170,000
Liabilities, December 31, 2017 105,000
Drawings—2017 ?

Prepare the 2017 owner’s equity statement for Alice Henning’s legal practice.
(List items that increase owner’s equity first.)

ALICE HENNING, ATTORNEY

Owner’s Equity Statement

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