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:
Misallocation
The inefficient or inappropriate distribution of resources in a manner that does not maximize economic efficiency or output.
Production Cost
The total expense incurred in the manufacture of a product, including raw materials, labor, and overhead costs.
Black Market
Illegal trade of goods and services, beyond government control, where transactions typically occur “under the table” to avoid taxes or regulations.
Illegal Goods
Products or services whose production, sale, or possession is prohibited by law.
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