Revenues= $132000+25000= $157000
Net income= Revenue-Expenses
= $157000-126000= $31000
Otay Lakes Park | |
Retained Earnings Statement | |
For the Year Ended December 31, 2017 | |
Beginning retained earnings | $5000 |
Add: Net income | 31000 |
36000 | |
Less: Dividends | 9000 |
Ending retained earnings | $27000 |
Otay Lakes Park | ||
Balance Sheet | ||
December 31, 2017 | ||
Assets | ||
Cash | $8500 | |
Supplies | 5500 | |
Equipment | 114000 | |
Total assets | $128000 | |
Liabilities and Stockholders' Equity | ||
Liabilities | ||
Accounts payable | $11000 | |
Notes payable | 50000 | |
Total liabilities | $61000 | |
Stockholders' Equity | ||
Common stock | 40000 | |
Retained earnings | 27000 | |
Total stockholders' equity | 67000 | |
Total liabilities and stockholders' equity | $128000 |
Exercise 1-10 Otay Lakes Park is a private camping ground near the Mount Miguel Recreation Area....
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