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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$140,000Revenues during 2010—general store50,000 Notes payable60,000Accounts payable11,000 Expenses during 2010150,000Cash on hand23,000 Supplies on hand2,500Original cost of equipment105,500   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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