Exercise 1-14

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 

Instructions

(a) Determine Jan Nab's net income from Deer Park for 2008.  

(b) Complete the balance sheet for Deer Park as of December 31, 2008. (List assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2.)  

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