Solution-Prepare a balance sheet for bear park

Prepare a balance sheet for bear park

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Reference no: EM13940815

Bear Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2014.

Revenues during 2014-camping fees	$266,000	Notes payable	$114,000
Revenues during 2014-general store	89,300	Expenses during 2014	285,000
Accounts payable	20,900	Supplies on hand	4,750
Cash on hand	38,000	Common stock	38,000
Original cost of equipment	200,450	Retained earnings	?
Fair value of equipment	266,000

(a) Determine Bear Park's net income for 2014.

(b) Prepare a balance sheet for Bear Park as of December 31, 2014. (List assets in order of liquidity.)

Reference no: EM13940815

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Prepare a balance sheet for bear park

Reference no: EM13940815

Reference no: EM13940815

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