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Sea Surf Campground Inc is a public camping ground near Ocean National Park It has the following financial information as at December 31 2018 Camping revenue

Sea Surf Campground, Inc. is a public camping ground near Ocean National Park. It has the following financial information as at December 31, 2018: 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..............................245,000 Supplies...............................................2,500 Common shares, Jan. 1...........................30,000 Common shares issued during year.............15,000 Retained earnings, Jan. 1.........................18,000 Instructions (a) Determine net income for the year. (b) Prepare a statement of changes in equity and a statement of financial position for the year.

May 22 2020 View more View Less

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