Question - Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2010.
Revenues during 2010-camping fees $140,000 Market value of equipment $140,000
Revenues during 2010-general store 50,000 Notes payable 60,000
Accounts payable 11,000 Expenses during 2010 150,000
Cash on hand 23,000 Supplies on hand 2,500
Original cost of equipment 105,500
Instructions -
(a) Determine Jan Nab's net income from Deer Park for 2010.
(b) Complete the balance sheet for Deer Park as of December 31, 2010.