Question

14303.202001.XLIST / Wiley Assignment 1 nuncial Accounting - BUSI-1130U - 202001 - * Application Problem 1-14B a-b veau operates a water park called Slip and Slide Ltd. Her busiest months are April through weptember, although, if the weather holds she extends park access into October. For the month or she recorded the following items: At the end of July, the following items were in her records! Cash in bank accounts Chemical supplies on hand Loan owed to an investor A 4 Retained earnings Spare parts Common shares Amounts prepaid by customers to access the park in August Cost of kayaks and pedal boats $14,500 12,400 20,700 20,100 14,400 31,900 32,400 63,800 Identify each of the items in her records as an asset, liability, or shareholders' equity item. Item Asset Classification Cash in bank accounts Chemical supplies on hand Loan owed to an investor Asset Retained earnings Shore holders Eg Spare parts Common shares Shareh. Ea Amounts prepaid by customers to access the park in August Cost of kayaks and pedal boats Prepare a statement of financial position for Slip and Slide Ltd. at the end of July. Assets

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Answer 1

Classification of Given items into Asset, Liability or Stockholders' Equity: Item Classification Cash In bank accounts Asset Chemical Supplies on hand Asset Loan owed to an investor Liability Retained Earnings Shareholders' Equity Spare Parts Asset Common Shares Shareholders' Equity Amount prepaid by customer to access the park in August Liability Cost of Kayaks and pedal boats Asset

Preparation of Statement of Financial Position: 14,500.00 12,400.00 $ Assets Cash in Bank Accounts Chemical Supplies on hand Total Current Assets Kayaks and Pedal boats Spare Parts Total Assets 26,900.00 63,800.00 14,400.00 105,100.00 14 $ $ Liabilities & Stockholders' Equity Amount prepaid by customer to access the park in August $ 32,400.00 Total Current Liabilities Loan owed to an Investort Total Liabilities Shareholder's Equity: Common Shares 31,900.00 Retained Earnings 20,100.00 Total Shareholders' Equity Total Liabilities & Shareholders' Equity 32,400.00 20,700.00 53,100.00 $ $ 52,000.00 105,100.00