Sleep Cheap is a private camping ground near the Boulder Peak Recreation Area. It has compiled the following financial information as of December 31, 2014. 
Instructions
(a) Determine net income from Sleep Cheap for 2014.
(b) Prepare a retained earnings statement and a balance sheet for Sleep Cheap as of December 31, 2014.
Definitions:
Net Income
The amount of profit remaining after all operating expenses, taxes, and interest are deducted from total revenue.
Beginning Capital
The amount of capital or equity held by a business or individual at the start of an accounting period.
Capital Balances
Capital balances reflect the amount of money that owners have invested in a company, including retained earnings and additional contributions.
Net Income
The net income of a business once all costs, such as operating expenses and taxes, are subtracted from its total earnings.
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