Question

Wildhorse Park, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2022.

Revenues during 2022—camping fees $187,600
Notes payable $80,400
Revenues during 2022—general store 62,980
Expenses during 2022 201,000
Accounts payable 14,740
Supplies on hand 3,350
Cash on hand 26,800
Common stock 26,800
Original cost of equipment 141,370
Retained earnings
Fair value of equipment 187,600
(a) Determine Wyco Park's net income for 2015.
Wyco Park's net income$_________

Answer 1

$49,580

Step-by-step explanation:

Calculation to Determine Wyco Park's net income

Using this formula

Net income=Revenus-Expenses

Let plug in the formula

Revenues during 2022—camping fees $187,600

Revenues during 2022—general store $62,980

Less Expenses during 2022 ($201,000)

Net income $49,580

($187,600+$62,980-$201,000)

Therefore Wyco Park's net income will be $49,580