Question

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
Revenues during 2014—general store ......... 65,000
Accounts payable ................. 11,000
Cash on hand ................. 23,000
Original cost of equipment ............ 105,500
Fair value of equipment ............. $140,000
Notes payable ................. 60,000
Expenses during 2014 ............... 150,000
Accounts receivable ............... 17,500

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.



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  • CreatedJanuary 30, 2014
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