Otay Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has...

Otay Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2017.

Service revenue (from camping fees)	$132,000	Dividends	$ 9,000
Sales revenue (from general store)	25,000	Notes payable	50,000
Accounts payable	11,000	Expenses during 2017	126,000
Cash	8,500	Supplies	5,500
Equipment	114,000	Common stock	40,000
		Retained earnings (1/1/2017)	5,000

Instructions

(a)

Determine Otay Lakes Park's net income for 2017.

(b)

Prepare a retained earnings statement and a balance sheet for Otay Lakes Park as of December 31, 2017.

(c)

Upon seeing this income statement, Walt Jones, the campground manager, immediately concluded, “The general store is more trouble than it is worth—let's get rid of it.” The marketing director isn't so sure this is a good idea. What do you think?

Expert Solution

ekkarill92 answered 1 year ago

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