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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 | |
| CashAccounts payableJan Nab,CapitalCamping revenuesStore revenuesEquipmentExpensesSuppliesNotes payable | $ |
| Jan Nab,CapitalCamping revenuesStore revenuesExpensesSuppliesAccounts payableEquipmentCashNotes payable | |
| Camping revenuesNotes payableEquipmentCashStore revenuesSuppliesExpensesAccounts payableJan Nab,Capital | |
| Total assets | $ |
| Liabilities and Owner’s Equity | |
| Liabilities | |
| Camping revenuesAccounts payableJan Nab,CapitalExpensesEquipmentStore revenuesSuppliesNotes payableCash | $ |
| ExpensesAccounts payableJan Nab,CapitalCashCamping revenuesStore revenuesSuppliesEquipmentNotes payable | |
| Total Liabilities | |
| Owner’s equity | |
| ExpensesJan Nab,CapitalAccounts payableCashSuppliesEquipmentCamping revenuesNotes payableStore revenues | |
| Total liabilities and owner’s equity | $ |
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