liabilities assets etc 459778

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.

Revenues during 2010″camping fees $140,000 Market value of equipment $140,000

Revenues during 2010″general store 50,000 Notes payable 60,000

Accounts payable 11,000 Expenses during 2010 150,000

Cash on hand 23,000 Supplies on hand 2,500

Original cost of equipment 105,500

Jan Nab began business on January 1, 2010, with an investment of $20,000.

Instructions

(a) Determine Jan Nab’s net income from Deer Park for 2010.

$

(b) Complete the balance sheet for Deer Park as of December 31, 2010. (List assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2.)

Deer PARK

Balance Sheet

December 31, 2010For the year ended December 31, 2010

Assets

Notes payableStore revenuesAccounts payableExpensesCashSuppliesEquipmentJan Nab,CapitalCamping revenues $

SuppliesEquipmentCamping revenuesAccounts payableStore revenuesExpensesCashJan Nab,CapitalNotes payable

Notes payableAccounts payableJan Nab,CapitalCashExpensesEquipmentSuppliesCamping revenuesStore revenues

Total assets $

Liabilities and Owner’s Equity

Liabilities

EquipmentSuppliesStore revenuesCashJan Nab,CapitalExpensesAccounts payableCamping revenuesNotes payable $

Store revenuesNotes payableEquipmentExpensesAccounts payableCashJan Nab,CapitalCamping revenuesSupplies

Total Liabilities

Owner’s equity

Accounts payableExpensesCamping revenuesJan Nab,CapitalCashSuppliesEquipmentNotes payableStore revenues

Total liabilities and owner’s equity $