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Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the fololwing
Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the fololwing financial information as of December 31, 2010. Revenues during 2010 - Camping Fees: $140,000 Revenues during 2010 - General Store: $50,000 Accounts Payable: $11,000 Cash on hand: $23,000 Original cost of Equipment: $105,500 Market value of lequipment: $140,000 Notes payable: $60,000 Expenses during 2010: $150,000 Supplies on hand: $2,500 INSTRUCTIONS: (a) Determine Jan Nab's net income from Dee Park for 2010 (b) Prepare a balane sheet for Deer Park as of Decemer 31, 2010. THANK YOU
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