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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 following

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 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 $

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