Question - Deer Track Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2012.
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Revenues during 2012: camping fees
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$132,000
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Dividends
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$9,000
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Revenues during 2012: general store
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25,000
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Notes payable
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50,000
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Accounts payable
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11,000
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Expenses during 2012
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126,000
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Cash
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8,500
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Supplies
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5,500
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Equipment
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114,000
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Common stock
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40,000
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Retained earnings (1/1/2012)
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5,000
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What is Deer Track Park's net income for 2012?