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:
Flexible Budget
A flexible budget designed to adapt in line with changes in the amount of activity or volume.
Variable Manufacturing
Costs that vary directly with the level of production, such as raw materials and direct labor costs, as opposed to fixed manufacturing costs.
Fixed Manufacturing
Costs associated with manufacturing that remain constant, regardless of the level of production, such as rent, salaries, and equipment depreciation.
Flexible Budget
A budget that adjusts or varies with changes in volume or activity, providing a valuable tool for performance evaluation.
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