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

question 18

Essay

The assets and liabilities of S&P Day Spa at December 31,2014 and expenses for the year are listed below.The retained earnings balance was $68,000 at January 1,2014.Net income for 2014 is $45,625.
$\begin{array}{|l|l|l|l|}\hline\text { Accounts Payable } & \$ 4,375 & \text { Spa Operating Expense } & \$ 23,760 \\\hline \text { Accounts Receivable } & \$ 8,490 & \text { Office Expense } & \$ 2,470 \\\hline \text { Cash } & \$ 13,980 & \text { SpaSupplies } & \$ 9,230 \\\hline \text { Fees Earned } & ? ? ? & \text { Wages Expense } & \$ 26,580 \\\hline \text { Spa Furniture \& Equipment } & \$ 56,000 & \text { Dividends } & \$ 38,170 \\\hline \text { Computers } & \$ 2,130 & \text { Capita1 Stock } & \$ 10,000 \\\hline \end{array}$
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 illness, emotional disturbances, and dysfunctional behavior through therapy.

Trait Visibility

The extent to which an individual's characteristics or attributes are observable or discernible to others.

Well-Adjusted

Reflecting a state of psychological health, where an individual is able to cope effectively with the demands of life.

Behavior Prediction

The act of forecasting future actions or responses of individuals or groups based on observed patterns or psychological theories.