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

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

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...
View Full Document

This note was uploaded on 07/31/2011 for the course ACCT 557 taught by Professor Kahn during the Spring '10 term at Strayer.

Page1 / 2

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

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online