Business, 30.07.2021 04:50 steffweikeloyrt00

Sleep Cheap is a private camping ground near the Boulder Peak Recreation Area. It has compiled the following financial information as of December 31, 2022. Services revenues (from camping fees) $132,000
Dividends $8,000
Sales revenues (from general store) 25,000
Notes payable 50,000
Accounts payable 13,000
Administrative expenses 133,000
Cash 13,500
Supplies 2,500
Equipment 108,000
Common stock 40,000
Retained earnings (1/1/2022) 5,000

Required:
a. Determine net income from Sleep Cheap for 2022.
b. Prepare a retained earnings statement and a balance sheet for Sleep Cheap as of December 31, 2022.

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Sleep Cheap is a private camping ground near the Boulder Peak Recreation Area. It has compiled the f...

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