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Question - Deer Track Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2012.
Revenues during 2012: camping fees
$132,000
Dividends
$9,000
Revenues during 2012: general store
25,000
Notes payable
50,000
Accounts payable
11,000
Expenses during 2012
126,000
Cash
8,500
Supplies
5,500
Equipment
114,000
Common stock
40,000
Retained earnings (1/1/2012)
5,000
What is Deer Track Park's net income for 2012?
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