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 is $68,000 at December 31, 2014. The owner invested an additional $10,000 during the year.
Determine the capital of the owner at January 1, 2014 (Hint: Calculate the increase/decrease in owner's equity first.). Prepare a statement of owner's equity for the current year ended December 31, 2014.
Definitions:
Indirect Approach
A communication method where the main point or message is not directly stated at the beginning, often used in writing or speech to build suspense or be polite.
Buffer Statement
A neutral or positive statement used to cushion the impact of a negative message or bad news in communication.
Promotion Drive
A campaign or effort to increase awareness or sales of a product or service, or to elevate an individual's position within an organization.
Additional Funds
Extra money required or available beyond what was originally budgeted or expected.
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