Deer Park, Inc. a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 1996.

\section*{Instructions}

(a) Determine Deer Park's net income for 1996.

(b) Prepare a balance sheet for Deer Park as of December 31, 1996.
Prepare an income statement. (SO 8)

Transcribed Image Text:

Revenues during 1996-camping fees $147,000 Notes payable 60,000 Revenues during 1996-general store 40,000 Expenses during 1996 150,000 Accounts payable 11,000 Supplies on hand 2,500 Cash on hand 7,000 Common stock 50,000 Original cost of equipment 115,500 Retained earnings ? Market value of equipment 140,000