The assets and liabilities of S&P Day Spa at December 31, 2011, and its revenue and expenses for the year are listed below. The Retained Earnings balance was $57,830 at January 1, 2011.
Based on the data provided for S&P Day Spa, prepare an income statement for the year ended December 31, 2011.
Definitions:
Economic Choice
Economic choice involves making decisions on the allocation of scarce resources among competing needs or desires to maximize benefits and utility.
Competitive Behavior
Actions taken by companies aimed at gaining an advantage over their rivals in the market, often through price adjustments, product innovations, and marketing strategies.
Marginal Cost
The added cost of producing one additional unit of a product or service.
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