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:
Economic Profit
The distinction between the sum of all income and the total of all expenses, encompassing both direct and indirect costs.
Fixed Costs
Costs that do not vary with the level of production or sales, including expenses like rent and salaries.
Variable Costs
Costs that vary directly with the level of production or output, such as raw materials and labor expenses.
Exponentiation
A mathematical operation involving two numbers, the base and the exponent, indicating how many times the base is multiplied by itself.
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