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Determine net income

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Park A is a private camping ground. It has compiled the following financial information as of December 31, 2017.

Service revenue (from camping fees) $132,000

Dividends $ 9,000

Sales revenue (from general store) 25,000

Notes payable 50,000

Accounts payable 11,000

Expenses during 2017 126,000

Cash 8,500

Supplies 5,500

Equipment 114,000

Common stock 40,000

Retained earnings (1/1/2017) 5,000

1) Determine net income for 2017.

2) Show retained earnings statement and a balance sheet for Park A as of December 31, 2017.

Reference no: EM131598867

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