Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2010.
Revenues during 2010″camping fees $140,000 Market value of equipment $140,000
Revenues during 2010″general store 50,000 Notes payable 60,000
Accounts payable 11,000 Expenses during 2010 150,000
Cash on hand 23,000 Supplies on hand 2,500
Original cost of equipment 105,500
Jan Nab began business on January 1, 2010, with an investment of $20,000.
Instructions
(a) Determine Jan Nab’s net income from Deer Park for 2010.
$
(b) Complete the balance sheet for Deer Park as of December 31, 2010. (List assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2.)
Deer PARK
Balance Sheet
December 31, 2010For the year ended December 31, 2010
Assets
Notes payableStore revenuesAccounts payableExpensesCashSuppliesEquipmentJan Nab,CapitalCamping revenues $
SuppliesEquipmentCamping revenuesAccounts payableStore revenuesExpensesCashJan Nab,CapitalNotes payable
Notes payableAccounts payableJan Nab,CapitalCashExpensesEquipmentSuppliesCamping revenuesStore revenues
Total assets $
Liabilities and Owner’s Equity
Liabilities
EquipmentSuppliesStore revenuesCashJan Nab,CapitalExpensesAccounts payableCamping revenuesNotes payable $
Store revenuesNotes payableEquipmentExpensesAccounts payableCashJan Nab,CapitalCamping revenuesSupplies
Total Liabilities
Owner’s equity
Accounts payableExpensesCamping revenuesJan Nab,CapitalCashSuppliesEquipmentNotes payableStore revenues
Total liabilities and owner’s equity $