Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead

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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, 2008.

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Instructions

(a) Determine Jan Nab’s net income from Deer Park for 2008.

(b) Prepare a balance sheet for Deer Park as of December 31, 2008.

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Accounting Principles

ISBN: 9780471980193

8th Edition

Authors: Jerry J Weygandt, Donald E Kieso, Paul D Kimmel

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Question Posted: May 10, 2024 03:00 AM

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Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead

Question:

Revenues during 2008-camping fees $140,000 Market value of equipment $140,000 Revenues during 2008--general store Accounts payable 50,000 Notes payable 60,000 11,000 Expenses during 2008 150,000 Cash on hand Original cost of equipment 23,000 Supplies on hand 2,500 105,500

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Accounting Principles

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