Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2010. Revenues during 2010camping fees $140,000 Market value of equipment $140,000 Revenues during 2010general store 50,000 Notes payable 60,000 Accounts payable 11,000 Expenses during 2010 150,000 Cash on hand 23,000 Supplies on hand 2,500 Original cost of equipment 105,500 Jan Nab began business on January 1, 2010, with an investment of $20,000. Instructions (a) Determine Jan Nab's net income from Deer Park for 2010. $ (b) Complete the balance sheet for Deer Park as of December 31, 2010. (List assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2.) Deer PARK Balance Sheet Assets $ Total assets $ Liabilities and Owner's Equity Liabilities $ Total Liabilities Owner's equity Total liabilities and owner's equity $ Click here if you would like to Show Work for this question Link to Text 1 Question Attempts: 0 of 3 used Save for late Submit Answer Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2010. Revenues during 2010camping fees $140,000 Market value of equipment $140,000 Revenues during 2010general store 50,000 Notes payable 60,000 Accounts payable 11,000 Expenses during 2010 150,000 Cash on hand 23,000 Supplies on hand 2,500 Original cost of equipment 105,500 Jan Nab began business on January 1, 2010, with an investment of $20,000. Instructions (a) Determine Jan Nab's net income from Deer Park for 2010. $ (b) Complete the balance sheet for Deer Park as of December 31, 2010. (List assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2.) Deer PARK Balance Sheet Assets $ Total assets $ Liabilities and Owner's Equity Liabilities $ Total Liabilities Owner's equity Total liabilities and owner's equity $ Click here if you would like to Show Work for this question Link to Text 1 Question Attempts: 0 of 3 used Save for late Submit Answer Copyright 2000-2012 by John Wiley & Sons, Inc. or related companies. All rights reserved