Posted by apryl on Thursday, October 6, 2011 at 6:07pm.
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
(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. (List assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2.)
December 31, 2010For the year ended December 31, 2010
Accounts payableExpensesCamping revenuesStore revenuesJan Nab,CapitalCashSuppliesEquipmentNotes payable $
SuppliesAccounts payableJan Nab,CapitalCashCamping revenuesStore revenuesExpensesEquipmentNotes payable
Store revenuesEquipmentCashCamping revenuesSuppliesExpensesNotes payableAccounts payableJan Nab,Capital
Total assets $
Liabilities and Owner's Equity
ExpensesAccounts payableStore revenuesJan Nab,CapitalSuppliesNotes payableCamping revenuesCashEquipment $
SuppliesEquipmentNotes payableStore revenuesExpensesAccounts payableCashJan Nab,CapitalCamping revenues
EquipmentExpensesCamping revenuesStore revenuesJan Nab,CapitalCashSuppliesNotes payableAccounts payable
Total liabilities and owner's equity $
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