Forest Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31,..

Forest Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31,..

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Q:


Forest Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2010.

Revenues during 2010: camping fees $205,130 Dividends $13,476

Revenues during 2010: general store 37,433 Notes payable 74,865

Accounts payable 16,470 Expenses during 2010 193,152

Cash on hand 12,727 Supplies on hand 3,743

Equipment 178,179 Common stock 59,892

Retained earnings (1/1/2010) 7,487

(a) Determine net income from Forest Park for 2010.

(b) Complete the retained earnings statement and a balance sheet for Forest Park as of December 31, 2010.



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