Otay Lakes Park is a private camping ground near the Mount Miguel Recreation Are
ID: 2331251 • Letter: O
Question
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 Sales revenue (from general store) 25,000 Notes payable Accounts payable Cash $9,000 50,000 126,000 5,500 40,000 Retained earnings (1/1/2017) 5,000 11,000 Expenses during 2017 8,500 Supplies 114,000 Common stock Equipment (c) Determine Otay Lakes Park's net income for 2017. 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 Show Work is REQUIRED for this question: Open Show Work Question Attempts: 0 of 3 used SAVE POR LATER SUBMIT ANSWER l t.2000-2018Jehn.yiisyASonsin. Au Rights Reserved. A Division of Jato wiec ASonulr% tuacy.Polist MacBook ProExplanation / Answer
Solution:
Net Income for 2017
Calculation of Net Income for 2017
Revenue
Service Revenue
$132,000
Sales Revenue
$25,000
Total Revenue
$157,000
Expenses during 2017
$126,000
Net Income (Total Revenue - Expenses)
$31,000
Lakes Park's Net Income for 2017 = $31,000
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Calculation of Net Income for 2017
Revenue
Service Revenue
$132,000
Sales Revenue
$25,000
Total Revenue
$157,000
Expenses during 2017
$126,000
Net Income (Total Revenue - Expenses)
$31,000
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