Use the following information to calculate for the year ended December 31, 2014 (a) net income (net loss), (b) ending retained earnings, and (c) total assets. 
Definitions:
Schedule C
A form used by sole proprietors to report their business income and expenses to the IRS.
Flow-Through Entities
Business structures where income passes directly to the owners or investors, avoiding corporate income tax.
Intangible Property
Refers to non-physical assets owned by a business or individual, such as patents, trademarks, copyrights, and business goodwill.
Capital Improvements
Permanent structural changes or restorations to a property that enhance its value, prolong its useful life, or adapt it to new uses, with potential tax impacts.
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