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Determine net income from sleep cheap

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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.

Reference no: EM132525223

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