Andrew Tym is the sole owner of Deer Park, a public camping ground near the Lake Mead National…

Andrew Tym is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Andrew has compiled the following financial information as of December 31, 2014.Revenues during 2014—camping fees …….. $140,000Revenues during 2014—general store ……… 65,000Accounts payable …………….. 11,000Cash on hand …………….. 23,000Original cost of equipment ………… 105,500Fair value of equipment …………. $140,000Notes payable …………….. 60,000Expenses during 2014 …………… 150,000Accounts receivable …………… 17,500Instructions(a) Determine Andrew Tym’s net income from Deer Park for 2014.(b) Prepare a balance sheet for Deer Park as of December 31, 2014.View Solution:
Andrew Tym is the sole owner of Deer Park a

 

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