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The assets and liabilities of Rocky's Day Spa at December 31 and its expenses for the year are listed below. The capital of the owner was $68,000 at January 1. The owner invested an additional $10,000 during the year. Net income for the year is $45,625. Accounts Amounts Accounts Amounts Accounts payable $23,760 $4,375 Spa operating expense Office expense Accounts receivable 8,490 2,470 Spa supplies Cash 13,980 9,230 Wages expense 26,580 Fees earned ??? Spa furniture and equipment 56,000 Drawing 38,170 Computers 2,130 Required: Prepare an income statement for the current year ended December 31. Refer to the lists of Accounts in the information given, Labels, and Prepare an income statement for the current year ended December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons () on the income statement. Rocky's Day Spa Income Statement (Label) 1 2 (Label) 3 4 5 6 7

The assets and liabilities of Rocky's Day Spa at December 31 and its expenses for the year are listed below. The capital of the owner was $68,000 at January 1. The owner invested an additional $10,000 during the year. Net income for the year is $45,625. Accounts Amounts Accounts Amounts Accounts payable $23,760 $4,375 Spa operating expense Office expense Accounts receivable 8,490 2,470 Spa supplies Cash 13,980 9,230 Wages expense 26,580 Fees earned ??? Spa furniture and equipment 56,000 Drawing 38,170 Computers 2,130 Required: Prepare an income statement for the current year ended December 31. Refer to the lists of Accounts in the information given, Labels, and Prepare an income statement for the current year ended December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons () on the income statement. Rocky's Day Spa Income Statement (Label) 1 2 (Label) 3 4 5 6 7

FINANCIAL ACCOUNTING
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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income statement

The assets and liabilities of Rocky's Day Spa at December 31 and its expenses for the year are listed below. The capital of the owner was $68,000 at January 1. The owner invested an additional $10,000 during the year. Net income for the year is $45,625. Accounts Amounts Accounts Amounts Accounts payable $23,760 $4,375 Spa operating expense Office expense Accounts receivable 8,490 2,470 Spa supplies Cash 13,980 9,230 Wages expense 26,580 Fees earned ??? Spa furniture and equipment 56,000 Drawing 38,170 Computers 2,130 Required: Prepare an income statement for the current year ended December 31. Refer to the lists of Accounts in the information given, Labels, and
Transcribed Image Text:The assets and liabilities of Rocky's Day Spa at December 31 and its expenses for the year are listed below. The capital of the owner was $68,000 at January 1. The owner invested an additional $10,000 during the year. Net income for the year is $45,625. Accounts Amounts Accounts Amounts Accounts payable $23,760 $4,375 Spa operating expense Office expense Accounts receivable 8,490 2,470 Spa supplies Cash 13,980 9,230 Wages expense 26,580 Fees earned ??? Spa furniture and equipment 56,000 Drawing 38,170 Computers 2,130 Required: Prepare an income statement for the current year ended December 31. Refer to the lists of Accounts in the information given, Labels, and
Prepare an income statement for the current year ended December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons () on the income statement. Rocky's Day Spa Income Statement (Label) 1 2 (Label) 3 4 5 6 7
Transcribed Image Text:Prepare an income statement for the current year ended December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons () on the income statement. Rocky's Day Spa Income Statement (Label) 1 2 (Label) 3 4 5 6 7
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