The Assets and Liabilities of S&P Day Spa at December

question 124

Essay

The assets and liabilities of S&P Day Spa at December 31, 2014 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. Net income for 2014 is $45,625.
$\begin{array}{|l|l|l|l|}\hline \text { Accounts Payable } & \$ 4,375 & \text { Spa Operating Expense } & \$ 23,760 \\\hline \text { Accounts Receivable } & \$ 8,490 & \text { Office Expense } & \$ 2,470 \\\hline \text { Cash } & \$ 13,980 & \text { Spa Supplies } & \$ 9,230 \\\hline \text { Fees Earned } & ? ? & \text { Wages Expense } & \$ 26,580 \\\hline \text { Spa Furniture \& Equipment } & \$ 56,000 & \text { Drawing } & \$ 38,170 \\\hline \text { Computers } & \$ 2,130 & & \\\hline & & & \\\hline\end{array}$ Prepare an income statement for the current year ended December 31, 2014.

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Definitions:

Clinical Psychologist

A professional specializing in diagnosing and treating mental disorders, emotional disturbances, and dysfunctional behavior through therapeutic methods.

Counselling Psychologist

A professional who specializes in offering therapies and interventions to help clients manage personal and interpersonal challenges, focusing on emotional, social, vocational, educational, health-related, developmental, and organizational concerns.

School Psychologist

A professional who supports the mental, behavioral, and educational development of students within the school environment.

Clinical Psychologist

A mental health professional specializing in diagnosing and treating mental, emotional, and behavioral disorders through therapy.