In this paper we obtain some new results on the enumeration of parking functions and labeled forests. We introduce new statistics both for parking functions and for labeled forests that are connected to each other by means of a bijection. We determine the joint distribution of two statistics on parking functions and their counterparts on labeled forests. Our results on labeled forests also serve to explain the mysterious equidistribution between two seemingly unrelated statistics in parking functions recently identified by Stanley and Yin and give an explicit bijection between the two statistics.