E1-14 - (b Prepare a balance sheet for Deer Park as of(List...

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Deer Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2008. Revenues during 2008—camping fees $140,000 Notes payable $60,000 Revenues during 2008—general store 50,000 Expenses during 2008 150,000 Accounts payable 11,000 Supplies on hand 2,500 Cash on hand 23,000 Common stock 20,000 Original cost of equipment 105,500 Retained earnings ? Market value of equipment 140,000 Instructions (a) Determine Deer Park's net income for 2008. $ 40000 (b) Prepare a balance sheet for Deer Park as of December 31, 2008.
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Unformatted text preview: (b) Prepare a balance sheet for Deer Park as of December 31, 2008. (List assets in order of liquidity and liabilities from largest to smallest e.g. 10, 5, 3, 2.) Deer PARK Balance Sheet December 31, 2008 Assets Cash $ 23000 Supplies 2500 Equipment 105500 Total assets $ 131000 Liabilities and Stockholder's Equity Liabilities Notes payable $ 60000 Accounts payable 11000 Total Liabilities 71000 Owner's equity Common stock 20000 Retained earnings 40000 60000 Total liabilities and stockholder's equity $ 131000...
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