Exercise #1
Jason Bear, an Outdoor Outfitter, has compiled the following financial information as of December 31, 2016.
Revenues during 2016-camping fees	$140,000		Notes payable	$60,000
Revenues during 2016-general store	47,000		Expenses during 2016	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
Determine Bear Park's net income for 2016.
Prepare a balance sheet for Bear Park as of December 31, 2016.