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

question 220

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. $$\begin{array} { | l | l | l | l | } \hline \text { Accounts payable } & \$ 4,375 & \text { Spa operating expense } & \$ 23,760 \\\hline \text { Accounts receivable } & 8,490 & \text { Office expense } & 2,470 \\\hline \text { Cash } & ? ? ? & \text { Spa supplies } & 9,230 \\\hline \text { Fees earned } & 98,435 & \text { Wages expense } & 26,580 \\\hline \text { Spa furniture \& equipment } & 56,000 & \text { Dividends } & 38,170 \\\hline \text { Computers } & 2,130 & & \\\hline\end{array}$$ Prepare a balance sheet for Rocky's Day Spa for the year ended December 31.

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Definitions:

Departure

The act of leaving or going away from a place.

American Foreign Policy

The strategies chosen by the United States government to protect the country's national interests, security, and goals in its interaction with other countries.

1877

The year known for the end of Reconstruction in the United States, which was marked by the withdrawal of federal troops from the South, effectively ending efforts to protect the rights of newly freed African Americans.

1914

Marks the beginning of World War I, a significant global conflict that reshaped the world's political and economic landscape.