Andrew Tym is the sole owner of Deer Park, a public camping ground near the Lake Mead

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.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...