Question

Wyco Park, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2015.
Revenues during 2015—camping fees ......... $140,000
Revenues during 2015—general store ......... 47,000
Accounts payable ................. 11,000
Cash on hand ................. 20,000
Original cost of equipment ............ 105,500
Fair value of equipment ............. 140,000
Notes payable ................. $ 60,000
Expenses during 2015 ............... 150,000
Supplies on hand ................. 2,500
Common stock ................. 20,000
Retained earnings ............... ?

Instructions
(a) Determine Wyco Park’s net income for 2015.
(b) Prepare a balance sheet for Wyco Park as of December 31, 2015.



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  • CreatedFebruary 17, 2014
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