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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, 2010. Instructions(a) Determine Jan Nab??s net income from Deer Park for 2010.(b) Prepare a balance sheet for Deer Park as of December 31,2010. Revenues during 2010-camping fees Revenues during

Chapter 1, Exercises #14

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, 2010.

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Instructions(a) Determine Jan Nab??s net income from Deer Park for 2010.(b) Prepare a balance sheet for Deer Park as of December 31,2010.

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...
Transcribed Image Text:

Revenues during 2010-camping fees Revenues during 2010-general store Accounts payable Cash on hand Original cost of equipment $140,000 Market value of equipment 50,000 Notes payable 11.000 Expenses during 2010 Supplies on hand $140,000 60,000 150,000 2,500 105,500

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(a) Camping fee revenues ............................................................................................ …View the full answer

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Accounting Principles

Accounting Principles

9th Edition

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

ISBN: 978-0470533475

Answers for Questions in Chapter 1

Brief Exercises:
Broadening Your Perspective:
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Exercises:
Problem Set A:
Problem Set B:
Questions:

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