q5

Question 6 of 6 - / 1 View Policies Current Attempt in Progress Kimberly Young is the sole owner of Crane Vista Park, a public camping ground near the Crater Lake National Recreation Area. Kimberly has compiled the following financial information as of December 31, 2020. Revenues during 2020-camping fees $193,326 Fair value of equipment Revenues during 2020-general store 89,758 Notes payable Accounts payable 15,190 Expenses during 2020 Cash on hand 31,761 Accounts receivable Original cost of equipment 145,685 $193,326 82,854 207,135 24,166 (a) Determine Kimberly Young's net income from Crane Vista Park for 2020. Net income (b) Prepare a balance sheet for Crane Vista Park as of December 31, 2020. (List Assets in order of liquidity.) CRANE VISTA PARK Balance Sheet Assets $ $ Liabilities and Owner's Equity $