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Determine jan nab net income from deer park

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Question - Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2010.

Revenues during 2010-camping fees $140,000 Market value of equipment $140,000

Revenues during 2010-general store 50,000 Notes payable 60,000

Accounts payable 11,000 Expenses during 2010 150,000

Cash on hand 23,000 Supplies on hand 2,500

Original cost of equipment 105,500

Instructions -

(a) Determine Jan Nab's net income from Deer Park for 2010.

(b) Complete the balance sheet for Deer Park as of December 31, 2010.

Reference no: EM131785866

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