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Prepare a balance sheet for bear park

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Reference no: EM13940815

Bear Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2014.

Revenues during 2014-camping fees  $266,000 Notes payable  $114,000
Revenues during 2014-general store  89,300 Expenses during 2014  285,000
Accounts payable  20,900 Supplies on hand  4,750
Cash on hand  38,000 Common stock  38,000
Original cost of equipment  200,450 Retained earnings  ?
Fair value of equipment  266,000      

(a) Determine Bear Park's net income for 2014.

(b) Prepare a balance sheet for Bear Park as of December 31, 2014. (List assets in order of liquidity.)

Reference no: EM13940815

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