Prepare a correct balance sheet
Deer Park, financial information as of December 31 2008.
Revenues during 2008--camp fees $140,000
Revenues during 2008--general store $50,000
account payable $11,000
cash on hand $23,000
original cost of equipment $105,000
market value equipment $140,000
note payable $6,000
expenses during 2008 $150,000
supplies on hand $2,500
common stock $20,000
retained earnings ?
(a) Determine deet park's net income for 2008.
(b) Prepare a balance sheet for deer park.