User Account

All Pages

Determine deer park net income

Assignment Help Accounting Basics
Reference no: EM131790140

Question - Deer Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2008.

Revenues during 2008-camping fees

$140,000

Notes payable

$60,000

Revenues during 2008-general store

50,000

Expenses during 2008

150,000

Accounts payable

11,000

Supplies on hand

2,500

Cash on hand

23,000

Common stock

20,000

Original cost of equipment

105,500

Retained earnings

?

Market value of equipment

140,000


Instructions -

(a) Determine Deer Park's net income for 2008.

(b) Prepare a balance sheet for Deer Park as of December 31, 2008.

Reference no: EM131790140

Questions Cloud

Prepare the journal entries to record the original issuance : Prepare the journal entries to record the original issuance, conversion, amortization, and interest in connection with the bonds as of the following dates.
Identify which of the four is most preferred and state why : Name the four means by which searches may be legally performed, identify which of the four is the most preferred and state why.
Abolish trade barriers immediately : "It makes economic sense to abolish trade barriers immediately regardless of how many jobs are lost in affected sectors." True/false, explain.
How much should be set aside for maintenance : The cost of maintaining a new care is estimated at $295 the first year and to increase by $50 each year thereafter. How much should be set aside.
Determine deer park net income : Deer Park, a public camping ground near the Lake Mead National Recreation Area, Determine Deer Park's net income for 2008
Decentralizing government programs : Explain, as discussed in class, the advantages of, where possible, decentralizing government programs.
What height would you predict for a building with 100 story : The regression line for predicting the height (in feet) from the number of stories is shown above the graph. What height would you predict.
Different in the market and government sectors : The government airlines tend to be much more inefficient than private businesses because the incentive to retain cost low and supply customers
Suppose you own a company that makes skateboards : Suppose you own a company that makes skateboards. Someone has an accident while using one of your skateboards.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Leisure city and its employees are required to contribute

Both Leisure City and its employees are required to contribute to the Employees, Retirement Fund. The fund contributions from the General Fund totaled $ 1,000,000; included in this amount was $ 500,000 from the employees and $ 500,000 from the cit..

  What should be the adjusted cash balance

Bob Company has the following records available when preparing its bank reconciliation for the month of March 2013: What should be the adjusted cash balance

  Why do you think this instruction is necessary

Why do you think this instruction is necessary? What does it tell you about the relationship between law and ethics?

  Treasury stock shares

part of the total outstanding shares but not part of the total issued shares of a corporation

  Internal control is a function of management and effective

Internal control is a function of management, and effective control is based upon the concept of charge and discharge of responsibility and duty. The implementation, monitoring, and evaluation of internal control systems are described in-depth in the..

  Introduction to financial and manegerial accounting

To reiterate, the case study will focus on analyzing a publically traded organizations financial statements - horizontal analysis, vertical analysis, or selected ratio analyses should be used to analyze the organization.

  The reyes loaned their daughter rachael 25000 so that she

the reyes loaned their daughter rachael 25000 so that she could open up her own business. the terms of the loan require

  Variance analysis problem

Variance Analysis Problem

  Us gaap follows the historical cost concept in valuing the

us gaap follows the historical cost concept in valuing the cost of long-term assets. explain this principle and why it

  Statement the the annual report to shareholders

Assume that the president of Freeman Industries made the following statement the the annual report to shareholders: "The founding family and the majority shareholders of the company do not believe in using debt to finance future grow.

  Advise asic whether jenny has breached

Advise ASIC whether Jenny has breached s181 and s182 of the Corporations Act2001 (Cth). Please do not discuss remedies

  Discuss the payroll department and one day an employee comes

Assume that you work in the payroll department and one day an employee comes in and says to you

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd