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Prob Instructions Prepare a correct balance sheet. F1-14 Andrew Tym is the sole owner of Deer Park, a public camping ground near the Lake Mead
Prob Instructions Prepare a correct balance sheet. F1-14 Andrew Tym is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Andrew has compiled the following financial information or as of December 31, 2014. LO8 Revenues during 2014-camping fees $140,000 Fair value of equipment $140,000 Revenues during 2014-general store 65,000 Notes payable 60,000 Accounts payable 11,000 Expenses during 2014 150,000 Cash on hand 23,000 Accounts receivable 17,500 Original cost of equipment 105,500 Instructions (a) Determine Andrew Tym's net income from Deer Park for 2014. (b) Prepare a balance sheet for Deer Park as of December 31, 2014. E1-15 Presented below is financial information related to the 2014 operations of Gilligante
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