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 a statement of retained earnings for Rocky's Day Spa for the current year ended December 31.
Definitions:
Discussion Method
A teaching technique that involves interactive dialogue among participants to explore or learn about a topic.
Critical Thinking Skills
The ability to analyze facts, generate and organize ideas, defend opinions, make comparisons, draw inferences, and solve problems.
Declarative Knowledge
Refers to the representation of facts and information in the mind, such as the understanding that Paris is the capital of France.
Transfer of Behaviour
The application of learned skills or behaviors from one context to another, which is a key objective in training and education.
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