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Determine the Splish Brothers Inc net income

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Question - Splish Brothers Inc., a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2020.

Revenues during 2020-camping fees - $204,400

Notes payable - $87,600

Revenues during 2020-general store - 68,620

Expenses during 2020 - 219,000

Accounts payable - 16,060

Supplies on hand - 3,650

Cash on hand - 29,200

Common stock - 29,200

Original cost of equipment - 154,030

Retained earnings ?

Fair value of equipment - 204,400

Required - Determine Splish Brothers Inc.'s net income for 2020.

Reference no: EM132229627

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