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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.)

Balance Sheet
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
Total assets


Liabilities and Owner’s Equity

Camping revenuesAccounts payableJan Nab,CapitalExpensesEquipmentStore revenuesSuppliesNotes payableCash $
ExpensesAccounts payableJan Nab,CapitalCashCamping revenuesStore revenuesSuppliesEquipmentNotes payable
Total Liabilities
Owner’s equity
ExpensesJan Nab,CapitalAccounts payableCashSuppliesEquipmentCamping revenuesNotes payableStore revenues
Total liabilities and owner’s equity


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