Sleep Cheap is a private camping ground near the Boulder Peak Recreation Area. It has compiled the follow information as of December 31, 2017. Services revenues (from camping fees) $132,000 Dividends...

Extracted text: Sleep Cheap is a private camping ground near the Boulder Peak Recreation Area. It has compiled the follow information as of December 31, 2017. Services revenues (from camping fees) $132,000 Dividends S 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 (1/1/2017) 5,000 Instructions (a) Determine net income from Sleep Cheap for 2017. (b) Prepare a retained earnings statement and a balance sheet for Sleep Cheap as of December 31, 2017.