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Exercise #1 Exercise #1 Jason Bear, an Outdoor Outfitter, has compiled the following financial information as of December 31, 2016. Revenues during 2014-camping fees $140,000 Notes payable $60,000 Revenues during 2014-general store 47,000 Expenses during 2014 150,000 Accounts payable 11,000 Supplies on hand 2,500 Cash on hand 20,000 Common stock 20,000 Original cost of equipment 105,500 Retained earnings ? Fair value of equipment 140,000 Instructions Determine Bear Park's net income for 2016. Prepare a balance sheet for Bear Park as of December 31, 2016. Exercise 2 Selected transactions for Lauren Rountree Company during its first month in business are presented below. Sept. 1 Invested $10,000 cash in the business in exchange for common stock. 5 Purchased equipment for $12,000 paying $4,000 in cash and the balance on account. 25 Paid $2,400 cash on balance owed for equipment. 30 Declared and paid a $500 cash dividend. Campbell's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock; No. 332 Dividends. (a) (b) Sept. 1 Journalize the transactions of the general journal. (Omit explanations.) Post the transactions using the standard t-account form. Invested $10,000 cash in the business in exchange for common stock. Post Date Account Title Ref Debit Credit Exercise #3 Determine the missing amounts. Show calculations Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2014, Mark Inc and Paul Enterprises. Mark Inc Paul Enterprises Beginning of year: Total assets $97,000 $129,000 Total liabilities 85,000 (c) Total stockholders' equity (a) 75,000 End of year: Total assets 160,000 180,000 Total liabilities 120,000 50,000 Total stockholders' equity 40000 130,000 Changes during year in stockholders' equity: Additional investment (b) 25000 Dividends 24,000 (d) Total revenues 215,000 100,000 Total expenses 175,000 55000 Beginning Stockholder Equity+Revenues+Additional Investment-Expenses-Dividends=Ending Stockholder Equity Presented below is financial information related to the 2016 operations of Brian Baik Company. Maintenance and repairs expense Utilities expense Salaries and wages expense Advertising expense Ticket revenue $97,000 10,000 142,000 3,500 335,000 Instructions Prepare the 2016 income statement for Brian Baick Company