Reference no: EM132537659
Question - Jan Way is the sole owner of Bear Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2005.
Revenues during 2005-camping fees $140,000 Market value of equipment $140,000
Revenues during 2005-general store 47,000 Notes payable 60,000
Accounts payable 11,000 Expenses during 2005 150,000
Cash on hand 20,000 Supplies on hand 2,500
Original cost of equipment 105,500
Instructions -
(a) Determine Jan Way's net income from Bear Park for 2005.
(b) Prepare a balance sheet for Bear Park as of December 31, 2005.
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