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Wyco Park a public camping ground near the Four Corners National Recreation Area has compiled the following financial information as of December

Wyco Park, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2015. Revenues during 2015—camping fees ......... $140,000 Revenues during 2015—general store ......... 47,000 Accounts payable ................. 11,000 Cash on hand ................. 20,000 Original cost of equipment ............ 105,500 Fair value of equipment ............. 140,000 Notes payable ................. $ 60,000 Expenses during 2015 ............... 150,000 Supplies on hand ................. 2,500 Common stock ................. 20,000 Retained earnings ............... ? Instructions (a) Determine Wyco Park’s net income for 2015. (b) Prepare a balance sheet for Wyco Park as of December 31, 2015.

Apr 06 2020 Read more Less More

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