Your answer is partially correct. Try again. Jan Nab is the sole owner of Deer Park, a public camping ground near...
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Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2010.
| Revenues during 2010—camping fees | $140,000 | Market value of equipment | $140,000 | |
| Revenues during 2010—general store | 50,000 | Notes payable | 60,000 | |
| Accounts payable | 11,000 | Expenses during 2010 | 150,000 | |
| Cash on hand | 23,000 | Supplies on hand | 2,500 | |
| Original cost of equipment | 105,500 |
Jan Nab began business on January 1, 2010, with an investment of $20,000.
Instructions
(a) Determine Jan Nab's net income from Deer Park for 2010.
$ Assets $ 
$ $ [removed] Total liabilities and owner's equity [removed]
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