(Answered) Question - deer park a public camping ground near the lake

Accounting

Question - Deer Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2008.

Revenues during 2008-camping fees	$140,000	Notes payable	$60,000
Revenues during 2008-general store	50,000	Expenses during 2008	150,000
Accounts payable	11,000	Supplies on hand	2,500
Cash on hand	23,000	Common stock	20,000
Original cost of equipment	105,500	Retained earnings	?
Market value of equipment	140,000

Instructions -

(a) Determine Deer Park's net income for 2008.

(b) Prepare a balance sheet for Deer Park as of December 31, 2008.

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