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
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter5: Closing Entries And The Post-closing Trial Balance
Section: Chapter Questions
Problem 7DQ: Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital...
Related questions
Question
income statement
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning