Question: Otay Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2017.
Instructions: (a) Determine Otay Lakes Park's net income for 2017.
(b) Prepare a retained earnings statement and a balance sheet for Otay Lakes Park as of December 31, 2017.
(c) Upon seeing this income statement, Walt Jones, the campground manager, immediately concluded, "The general store is more trouble than it is worth-let's get rid of it." The marketing director isn't so sure this is a good idea. What do you think?