The Assets and Liabilities of Rocky's Day Spa at December

question 34

Essay

The assets and liabilities of Rocky's Day Spa at December 31 and expenses for the year are listed below. The stockholders' equity was $68,000 $48,000 in Common Stock and $20,000 in Retained Earnings) at January 1. The shareholders invested in an additional $10,000 of common stock during the year. Net income for the year is $45,625. $$\begin{array} { | l | l | l | l | } \hline \text { Accounts payable } & \$ 4,375 & \text { Spa operating expense } & \$ 23,760 \\\hline \text { Accounts receivable } & 8,490 & \text { Office expense } & 2,470 \\\hline \text { Cash } & 13,980 & \text { Spa supplies } & 9,230 \\\hline \text { Fees earned } & ? ? ? & \text { Wages expense } & 26,580 \\\hline \text { Spa furniture \& equipment } & 56,000 & \text { Dividends } & 38,170 \\\hline \text { Computers } & 2,130 & & \\\hline\end{array}$$ Prepare an income statement for Rocky's Day Spa for the current year ended December 31.

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Definitions:

Scale Variations

Differences and changes in measurement or size, often relating to the quantitative assessment of objects, phenomena, or systems.

Weight Measurements

The quantitative assessment of body mass using scales or other devices, important for health monitoring and management.

Infant

A very young child or baby, typically under one year of age.

Pitting Edema

A condition where pressure applied to the skin leaves a temporary indentation, often indicative of fluid accumulation in the tissues.