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Determine jan ways net income from bear park

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Reference no: EM132537659

Question - Jan Way is the sole owner of Bear Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2005.

Revenues during 2005-camping fees $140,000 Market value of equipment $140,000

Revenues during 2005-general store 47,000 Notes payable 60,000

Accounts payable 11,000 Expenses during 2005 150,000

Cash on hand 20,000 Supplies on hand 2,500

Original cost of equipment 105,500

Instructions -

(a) Determine Jan Way's net income from Bear Park for 2005.

(b) Prepare a balance sheet for Bear Park as of December 31, 2005.

Reference no: EM132537659

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