Exercise #1
Jason Bear, an OutdoorOutfitter, has compiled the following financial information as ofDecember 31, 2016.
Revenues during 2016-camping fees
$140,000
Notes payable
$60,000
Revenues during 2016-general store
47,000
Expenses during 2016
150,000
Accounts payable
11,000
Supplies on hand
2,500
Cash on hand
20,000
Common stock
20,000
Original cost of equipment
105,500
Retained earnings
?
Fair value of equipment
140,000
Instructions
Determine Bear Park’s net income for2016.
Prepare a balance sheet forBear Park as of December 31, 2016.
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