Determine deer parks net income for 2011

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Reference no: EM13526365

Deer Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2011.

Revenues during 2011-camping fees

$140,000

Notes payable

$ 60,000

Revenues during 2011-general store

50,000

Expenses during 2011

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 2011.

(b) Prepare a balance sheet for Deer Park as of December 31, 2011.

Reference no: EM13526365

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