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    stephh1's Avatar
    stephh1 Posts: 1, Reputation: 1
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    #1

    Sep 7, 2008, 08:28 PM
    Calculating net earnings and preparing statement of retained earnings
    I just started my introduction to accounting class in university and I am a little stuck on this question because we didn't really go over this is class... please help!

    Here is the information given: Sea Surf Campground is a public camping ground in Ocean National Park. It has the following financial information as at December 31, 2006:

    Revenues--camping fees: 137 000

    Revenues--general store: 25 000

    Accounts Payable: 11 000

    Cash: 10 500

    Equipment: 119 000

    Income Tax Expense: 7000

    Dividends: 4000

    Notes Payable: 50 000

    Operating Expenses: 138 000

    Supplies: 2500

    Common Shares: 40 000

    Retained Earnings (January 1, 2006): 18 000

    I think that the revenues are the camping fees and general store

    My Expenses are equipment, operating expenses and supplies... I am not sure if these are correct or if there should be other expenses on here

    Thank you SOOO much in advance for your help!!
    lannbetts's Avatar
    lannbetts Posts: 2, Reputation: 1
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    #2

    Jan 30, 2009, 11:08 AM

    What is the most popular depreciation method in accounting
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
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    #3

    Jan 31, 2009, 12:35 AM

    Are you given which balances are debt and which are credit? If so could you please let me know which are which.
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