Wyc Park a public camping uround near the Four Corriers Nati

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

Solution

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