(Answered) Question - prepare a correct balance sheetdeer park a

Accounting

Question - Prepare a correct balance sheet

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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