Wyc Park, a public camping uround near the Four Corriers Natiunal Retreatiun Are

Question

Wyc Park, a public camping uround near the Four Corriers Natiunal Retreatiun Area, has compiled the following finaritial irformation as of Devember 31, 2017 $201,600 Revenues during 2017-camping fees Revenues during 2017-general store Accounts payable Cash on hand Original cust of equipment Fair value of equipment Nates payahle $8,400 216,000 57,680 Expenses during 2017 15,840 Supplies on harid 28,800 Commen stock 151.920 Retained earring Determine Wyco Park's net income tor 2017 Wyca Park's nct incomc

Explanation / Answer

Net income = 201600+67680-216000 = 53280

Balance sheet :

Assets Cash 28800 Supplies 3600 Equipment 151920 Total Assets 184320 Liabilities and stockholder's equity Account payable 15840 Notes payable 86400 Total liabilities 102240 Stockholder's equity Common Stock 28800 Retained earnings 53280 Total Stockholder's equity Total liabilities and stockholder's equity 184320

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