The assets and liabilities of S&P Day Spa at December 31, 2014 and its revenue and expenses for the year are listed below. The capital of the owner was $68,000 at January 1, 2014. The owner invested an additional $10,000 during the year.
Prepare a balance sheet for the year ended December 31, 2014.
Definitions:
Derived Demand
A demand for a factor of production or intermediate good that occurs as a result of the demand for another good or service, for example, the demand for steel being derived from the demand for automobiles.
Lithium Ion Batteries
Rechargeable batteries that use lithium ions as the primary component of their electrolyte, known for their high energy density and used in various electronic devices and electric vehicles.
Tesla Automobiles
Tesla Automobiles refers to electric vehicles and clean energy products manufactured by Tesla, Inc., an American company leading in electric vehicle production.
Marginal Revenue Product
The extra income produced by using an additional unit of a production resource.
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