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. 
Prepare an income statement for Rocky's Day Spa for the current year ended December 31.
Definitions:
Tangible Assets
Physical and material assets, such as machinery, buildings, and land, that have a value and can be seen and touched.
Comparable Business
A company or business model similar in size, scope, or industry to another, used for benchmarking or competitive analysis.
Expense Ratios
A measure of what an investment fund charges its shareholders for portfolio management, expressed as a percentage of the fund's assets.
Absolute Measures
Statistical tools used to assess the total magnitude of an entity or phenomenon without comparison to other entities or phenomena.
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