The assets and liabilities of Rocky's Day Spa at December 31 and expenses for the year are listed below. The stockholders' equity was $68,000 ($48,000 in Common Stock and $20,000 in Retained Earnings) at January 1. The shareholders invested in an additional $10,000 of common stock during the year. Net income for the year is $45,625. Accounts payable $4,375 Spa operating expense $23,760 Accounts receivable 8,490 Office expense 2,470 Cash 13,980 Spa supplies 9,230 Fees earned ??? Wages expense 26,580 Spa furniture & equipment 56,000 Dividends 38,170 Computers 2,130 Prepare an income statement for the current year ended December 31. Rocky's Day Spa Income Statement For the Year Ended December 31 Fees earned Expenses: Wages expense 26,580 Spa operating expense 23,760 Office expense 2,470 Total expenses

The assets and liabilities of Rocky's Day Spa at December 31 and expenses for the year are listed below. The stockholders' equity was $68,000 ($48,000 in Common Stock and $20,000 in Retained Earnings) at January 1. The shareholders invested in an additional $10,000 of common stock during the year. Net income for the year is $45,625. Accounts payable $4,375 Spa operating expense $23,760 Accounts receivable 8,490 Office expense 2,470 Cash 13,980 Spa supplies 9,230 Fees earned ??? Wages expense 26,580 Spa furniture & equipment 56,000 Dividends 38,170 Computers 2,130 Prepare an income statement for the current year ended December 31. Rocky's Day Spa Income Statement For the Year Ended December 31 Fees earned Expenses: Wages expense 26,580 Spa operating expense 23,760 Office expense 2,470 Total expenses

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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