Solution for QID #23878: NP Enterprises operates several miniature golf courses, all | StudyHelpMe

NP Enterprises operates several miniature golf courses, all of which are located on rented land within city parks. Shown below is the company’s adjusted trial balance at December 31, 2019. The company closed its accounts at the end of each calendar year. NP Enterprises Trial Balance Dec 31, 2019 Cash Rs        41,100   Accounts Receivable      7,800   Buildings 180,000   Accumulated Depreciation: Buildings   Rs      36,000 Golf Course Structures 270,000   Accumulated Depreciation: Golf Course Structures   90,000 Account Payable   23,100 Salaries Payables   6,900 Nick Palmer, Capital (December 31, 2018)         331,560 Nick Palmer, Drawing 75,000   Admissions Revenue   576,000 Advertising Expense  45,000   Rent expense 108,000   Repairs Expense 15,600   Salaries Expense 237,000   Light & Power Expense  13,500   Depreciation Expense: Buildings  18,000   Depreciation Expense: Golf Course Structures 45,000   Insurance Expense 7,560     Rs   1,063,560 Rs 1,063,560 Instructions: (10 Marks) How the useful life of Buildings and of Golf Course Structures can be calculated based on the above trial balance (Show the calculation and the explain the answer in your own words)  Prepare an income statement and a statement of owner’s equity for the year ended December 31, 2019? Also explain the impact on net income upon the increase in company’s revenue, and the impact on company’s capital upon the increase of drawings? Prepare a balance sheet as of December 31, 2019? Explain the concept of accumulated depreciation in the balance sheet of the company in your own words?