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.
Prepare an income statement for the current year ended December 31, 2014.
Definitions:
Free-rider Problem
A situation where individuals consume a good without contributing to its cost, typically in the context of public goods.
Public Good
A good or service offered to every member of a community for free, supplied by either governmental bodies or private entities without the intention of making a profit.
Optimal Level
The most efficient, beneficial, or favorable point in a process or activity, often associated with achieving the best outcome or maximum productivity.
Public Good
A good that is non-excludable and non-rivalrous, where one person's enjoyment of the good does not diminish the ability of others to enjoy it, typically provided by the government.
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