Response to the following problem:
Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the fololwing financial information as of December 31, 2010.
Revenues during 2010 - Camping Fees: $140,000
Revenues during 2010 - General Store: $50,000
Accounts Payable: $11,000
Cash on hand: $23,000
Original cost of Equipment: $105,500
Market value of lequipment: $140,000
Notes payable: $60,000
Expenses during 2010: $150,000
Supplies on hand: $2,500
INSTRUCTIONS:
(a) Determine Jan Nab's net income from Dee Park for 2010
(b) Prepare a balance sheet for Deer Park as of Decemer 31, 2010.