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The Way to Love Management

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Submitted By rafaalanazi
Words 446
Pages 2
Tutorial 1
Page 39 : E1-14 Bear Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2014.
Revenues during 2014—camping fees $140,000
Revenues during 2014—general store 47,000 Expenses during 2014 150,000
Accounts payable 11,000
Notes payable $ 60,000 Supplies on hand 2,500
Cash on hand 20,000 Share capital—ordinary 20,000
Original cost of equipment 105,500
Fair value of equipment 140,000
Retained earnings ?

Instructions
(a) Determine Bear Park’s net income for 2014.
(b) Prepare a statement of financial position for Bear Park as of December 31, 2014.

Page39: E1-16 Presented below is information related to Williams and Douglas, Attorneys at Law.
Retained earnings, January 1, 2014 $ 23,000
Legal service revenue—2014 340,000
Total expenses—2014 211,000
Assets, January 1, 2014 85,000
Liabilities, January 1, 2014 62,000
Assets, December 31, 2014 168,000
Liabilities, December 31, 2014 80,000
Dividends—2014 64,000
Instructions
Prepare the 2014 retained earnings statement for Williams and Douglas, Attorneys at Law

Page41: P1-4A Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. The following transactions occurred during the month of June.
June 1 Shareholders invested $10,000 cash in the business in exchange for ordinary shares. 2 Purchased a used van for deliveries for $14,000. Matt paid $2,000 cash and signed a note

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