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"Deer Park, a public camping ground near the Lake...

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"Deer Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2008. Revenues during 2008?camping fees $140,000 Notes payable $60,000 Revenues during 2008?general store 50,000 Expenses during 2008 150,000 Accounts payable 11,000 Supplies on hand 2,500 Cash on hand 23,000 Common stock 20,000 Original cost of equipment 105,500 Retained earnings ? Market value of equipment 140,000 Instructions (a) Determine Deer Park's net income for 2008. $ (b) Prepare a balance sheet for Deer Park as of December 31, 2008. (List assets in order of liquidity and liabilities from largest to smallest e.g. 10, 5, 3, 2.) Deer PARK Balance Sheet December 31, 2008 Assets EquipmentCashSuppliesRetained earningsNotes payableAccounts payableCommon stock $ Retained earningsSuppliesEquipmentCashNotes payableAccounts payableCommon stock Notes payableAccounts payableCommon stockSuppliesRetained earningsEquipmentCash Total assets $ Liabilities and Stockholder's Equity Liabilities EquipmentAccounts payableCommon stockRetained earningsSuppliesNotes payableCash $ Retained earningsAccounts payableCashSuppliesCommon stockNotes payableEquipment Total Liabilities Owner's equity Notes payableRetained earningsCommon stockAccounts payableSuppliesCashEquipment Accounts payableEquipmentCashCommon stockNotes payableSuppliesRetained earnings Total liabilities and stockholder's equity $ Deer Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2008. Revenues during 2008?camping fees $140,000 Notes payable $60,000 Revenues during 2008?general store 50,000 Expenses during 2008 150,000 Accounts payable 11,000 Supplies on hand 2,500 Cash on hand 23,000 Common stock 20,000 Original cost of equipment 105,500 Retained earnings ? Market value of equipment 140,000 Instructions (a) Determine Deer Park's net income for 2008. $ (b) Prepare a balance sheet for Deer Park as of December 31, 2008. (List assets in order of liquidity and liabilities from largest to smallest e.g. 10, 5, 3, 2.) Deer PARK Balance Sheet December 31, 2008 Assets EquipmentCashSuppliesRetained earningsNotes payableAccounts payableCommon stock $ Retained earningsSuppliesEquipmentCashNotes payableAccounts payableCommon stock Notes payableAccounts payableCommon stockSuppliesRetained earningsEquipmentCash Total assets $ Liabilities and Stockholder's Equity Liabilities EquipmentAccounts payableCommon stockRetained earningsSuppliesNotes payableCash $ Retained earningsAccounts payableCashSuppliesCommon stockNotes payableEquipment Total Liabilities Owner's equity Notes payableRetained earningsCommon stockAccounts payableSuppliesCashEquipment Accounts payableEquipmentCashCommon stockNotes payableSuppliesRetained earnings Total liabilities and stockholder's equity $,on the assets I need more clarification, I submitted assignment it is showing that the total for equipment and total assets is different. also under liabilities under notes payable its not retained earnings, and that total is different as well ,under owners equity under common stock its not accounts payable. could you please give more feedback I would appreciate it. Thanks in advance

 

Paper#11194 | Written in 18-Jul-2015

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