2024 – Exercise 1 14 Bear Park a public camping ground near the Lake Mead

CCOUNTING – 2024

Exercise 1-14 Bear Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2014. Revenues during 2014—camping fees   $266,000   Notes payable   $114,000 Revenues during 2014—general store   89,300   Expenses during 2014   285,000 Accounts payable   20,900   Supplies on hand   4,750 Cash on hand   38,000   Common stock   38,000 Original cost of equipment   200,450   Retained earnings   ? Fair value of equipment   266,000         (a) Determine Bear Park’s net income for 2014. Bear Park’s net income   $         $                                                 $[removed]

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