Reference no: EM132525223
Sleep Cheap is a private camping ground near the Boulder Peak Recreation Area. It has compiled the following financial information as of December 31, 2017.
Services revenues (from camping fees) $132,000 Dividends $ 8,000
Sales revenues (from general store) 25,000 Notes payable 50,000
Accounts payable 13,000 Administrative expenses 133,000
Cash 13,500 Supplies 2,500
Equipment 108,000 Common stock 40,000
Retained earnings (1/1/2017) 5,000
Instructions
Question (a) Determine net income from Sleep Cheap for 2017.
Question (b) Retained earnings statement and a balance sheet for Sleep Cheap as of December 31, 2017.