Asked by Jackson Boone on Jul 28, 2024
Verified
The assets and liabilities of Rocky's Day Spa on December 31 and its revenue and expenses for the year are listed below. The capital of the owner was $68,000 on January 1. The owner invested an additional $10,000 during the year.? Accounts payable $4,375 Spa operating expense $23,760 Accounts receivable 8,490 Office expense 2,470 Cash ??? Spa supplies 9,230 Fees earned 98,435 Wages expense 26,580 Spa furniture and equipment 56,000 Drawing 38,170 Computers 2,130\begin{array} { | l | r | l | r | } \hline \text { Accounts payable } & \$ 4,375 & \text { Spa operating expense } & \$ 23,760 \\\hline \text { Accounts receivable } & 8,490 & \text { Office expense } & 2,470 \\\hline \text { Cash } & ? ? ? & \text { Spa supplies } & 9,230 \\\hline \text { Fees earned } & 98,435 & \text { Wages expense } & 26,580 \\\hline \text { Spa furniture and equipment } & 56,000 & \text { Drawing } & 38,170 \\\hline \text { Computers } & 2,130 & & \\\hline\end{array} Accounts payable Accounts receivable Cash Fees earned Spa furniture and equipment Computers $4,3758,490???98,43556,0002,130 Spa operating expense Office expense Spa supplies Wages expense Drawing $23,7602,4709,23026,58038,170 Prepare a balance sheet for the year ended December 31.?
Owner's Equity
Represents the residual value of a business's assets after deducting its liabilities, indicating the ownership interest of the business owners.
Balance Sheet
A financial statement that displays a company's financial position at a specific point in time, showing assets, liabilities, and stockholders' equity.
- Produce key financial statements, such as income statements, balance sheets, and statements disclosing the owner’s equity.
Verified Answer
VS
Learning Objectives
- Produce key financial statements, such as income statements, balance sheets, and statements disclosing the owner’s equity.
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