Andrew Tym is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Andrew has compiled the following financial information as of December 31, 2014.
|
Revenues during 2014—camping fees |
$140,000 |
Fair value of equipment |
$140,000 |
|
Revenues during 2014—general store |
65,000 |
Notes payable |
60,000 |
|
Accounts payable |
11,000 |
Expenses during 2014 |
150,000 |
|
Cash on hand |
23,000 |
Accounts receivable |
17,500 |
|
Original cost of equipment |
105,500 |
Instructions
(a) Determine Andrew Tym”s net income from Deer Park for 2014.
(b) Prepare a balance sheet for Deer Park as of December 31, 2014.