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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 $20,000.
(a) Determine Jan Nab’s net income from Deer Park for 2010.
(b) Complete the balance sheet for Deer Park as of December 31, 2010. (List assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2.)
|December 31, 2010For the year ended December 31, 2010|
|CashAccounts payableJan Nab,CapitalCamping revenuesStore revenuesEquipmentExpensesSuppliesNotes payable||$|
|Jan Nab,CapitalCamping revenuesStore revenuesExpensesSuppliesAccounts payableEquipmentCashNotes payable|
|Camping revenuesNotes payableEquipmentCashStore revenuesSuppliesExpensesAccounts payableJan Nab,Capital|
Liabilities and Owner’s Equity
|Camping revenuesAccounts payableJan Nab,CapitalExpensesEquipmentStore revenuesSuppliesNotes payableCash||$|
|ExpensesAccounts payableJan Nab,CapitalCashCamping revenuesStore revenuesSuppliesEquipmentNotes payable|
|ExpensesJan Nab,CapitalAccounts payableCashSuppliesEquipmentCamping revenuesNotes payableStore revenues|
|Total liabilities and owner’s equity||
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