Reference no: EM13912137
Loren satina is the sole owner of clear view park a public camping ground near the lake mead national recreation area. Loren compiled the following financial information as of December 31, 2017
Revenues during 2017- camping fees $140,000 Fair value of equipment $140,000
Revenues during 2017 -general store 65,000 Notes payable 60,000
Accounts payable 11,000 Expenses during 2017 150,000
Cash on hand 23,000 Accounts receivable 17,500
Original cost of equipment 105,500
Instructions
(a) Determine Loren Satina's net income from clear view park for 2017
(b) Prepare a balance sheet for clear view park as of December 31, 2017
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Prepare a balance sheet for clear view park
: Loren satina is the sole owner of clear view park a public camping ground near the lake mead national recreation area. Loren compiled the following financial information as of December 31, 2017. Determine Loren Satina's net income from clear view par..
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