Question

Exercise 1-14 a-b (Part Level Submission) Tamarisk, Inc., a public camping ground near the Four Comers National Recreation Area, has compiled the following financial information as of December 31, 2020. $78,000 195,000 Revenues during 2020-camping fees Revenues during 2020-general store Accounts payable Cash on hand Original cost of equipment Fair value of equipment $182,000 Notes payable 61,100 Expenses during 2020 14,300 Supplies on hand 26,000 Common stock 137,150 Retained earnings 182,000 3.250 26,000 (a) Your answer is correct. Determine Tamarisk, Inc.'s net income for 2020, Tamansk, Inc.'s net income 45,100 Click if you would like to show Work for this questions Open Show Work

Answer 1

Tamarisk, Inc.

Balance sheet

As On Dec 31, 2020

Assests
Cash on hand		26,000
Supplies on hand		3,250
Equipment		137,150
Total Assets		166,400
Liabilities and Stockholders' Equity
Liabilities
Accounts Payable	14,300
Notes Payable	78,000
Total Liabilities		92,300
Stockholders' Equity
Common Stock	26,000
Retained earnings	48,100
Total Stockholder's Equity		74,100
Total Liabilities and Stockholder's Equity		166,400

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