Question

Exercise 1-14 Wyco Park, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2019. $140.000 $60,000 Revenues during 2019 -camping fees Revenues during 2019 -general store 47,000 Notes payable Expenses during 2019 Supplies on 150,000 Accounts payable 11,000 hand 2,500 Cash on hand 20,000 20,000 Common stock Retained earnings 105,500 Original cost of equipment Fair value of equipment 140,000 Determine Wyco Park's net income for 2019. Wyco Park's net income

Answer 1

Wyco Park's net income				37000			(revenues-expenses)
		Balance Sheet
		for the year ended Dec 31,2019
Assets
Cash on hand					20,000
supplies on hand					2,500
Equipment					105,500
Total Assets					128,000
Liabilities & Stockholder's Equity
Liabilities
Accounts payable				11,000
Notes payable				60,000
Total liabilities					71,000
Stockholders Equity
Common stock				20,000
Retained earning				37000
Total stockholders Equity					57,000
total liabilities & Stockholders Equity					128,000