Toni Pena is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area....
jawni1Toni Pena is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Toni has compiled the following financial information as of December 31, 2012.
Revenues during 2012—camping fees $174,020 Fair value of equipment $174,020
Revenues during 2012—general store 80,795 Notes payable 74,580
Accounts payable 13,673 Expenses during 2012 186,450
Cash on hand 28,589 Supplies on hand 21,753
Original cost of equipment 131,137
(a) Determine Toni Pena’s net income from Deer Park for 2012.
- 11 years ago
- 999999.99
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