Question
E1-14 Bear Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following fi nancial information as of December 31,
E1-14 Bear Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following fi nancial information as of December 31, 2014.
Revenues during 2014camping fees $140,000
Notes payable $ 60,000
Revenues during 2014general store 47,000
Expenses during 2014 150,000
Accounts payable 11,000
Supplies on hand 2,500
Cash on hand 20,000
Common stock 20,000
Original cost of equipment 105,500
Retained earnings ?
Fair value of equipment 140,000
Instructions (a) Determine Bear Parks net income for 2014. (b) Prepare a balance sheet for Bear Park as of December 31, 2014.
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