presented here are the amounts of assets liabilities shareholders equity revenues an 4372981

Presented here are the amounts of Assets, Liabilities, Shareholders’ Equity, Revenues, and Expenses of Camp Out, Inc. at October 31, 2013. The items are listed in alphabetical order. Accounts Payable $ 13,000 Accounts Receivable 21,000 Advertising Expense 17,000 Building 150,000 Cash 17,000 Common Shares 75,000 Dividends 33,000 Equipment 50,000 Insurance Expense 1,000 Interest Expense $ 7,000 Land 36,000 Note Payable 64,000 Property Tax Expense 2,500 Rent Expense 22,000 Salary Expense 71,000 Salary Payable 1,900 Service Revenue 195,000 Supplies 1,100 The common shares and retained earnings balance of the business were $75,000 and $79,700 respectively at October 31, 2012. Requirements 1. Identify each amount shown as an asset, liability, or shareholders’ equity. 2. Prepare the company’s income statement and statement of changes in equity for the year ended October 31, 2013. 3. Prepare the company’s statement of financial position at October 31, 2013. 4. Answer these questions about the company: a. What was the profit or loss for the year? b. What was the increase or decrease of retained earnings for the year? c. What is the amount of economic resources on October 31, 2013? d. What is the amount owed on October 31, 2013? View Solution:
Presented here are the amounts of Assets Liabilities Shareholders Equity

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