Exercise 1-14 a-b (Part Level Submission) Sheffield Corp., a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2020. Revenues during 2020-camping fees $184,800 Notes payable $79,200 Revenues during 2020-general store 62,040 Expenses during 2020 198,000 Accounts payable 14,520 Supplies on hand 3,300 Cash on hand 26,400 Common stock 26,400 Original cost of equipment 139,260 Retained earnings Fair value of equipment 184,800 ? Collapse question part Your answer is correct. Determine Sheffield Corp.'s net income for 2020. Sheffield Corp.'s net income 1 48840 ET ARGINTS SHOW SOLUTION SHOW ANSWER S Help System Announcements CALCULATOR Total Assets 168690 Liabilities and Stockholders' Equity Liabilities Accounts Payable 14,520 Notes Payable 79,200 IS Total Liabilities 93720 > Stockholders' Equity Common Stock 26,400 Retained Earnings 48840 Stockholders' Equity 75240 168690 Total Liabilities and Stockholders' Equity