Question: During 2014 Serenity Creek Spa reported revenue of 21 000

During 2014, Serenity Creek Spa reported revenue of $ 21,000. Total expenses for the year were $ 14,000. Serenity Creek Spa ended the year with total assets of $ 30,000, and it owed debts totaling $ 14,000. At year- end 2013, the business reported total ­assets of $ 23,000 and total liabilities of $ 14,000.

Requirements
1. Compute Serenity Creek Spa’s net income for 2014.
2. Did Serenity Creek Spa’s stockholders’ equity increase or decrease during 2014? By how much?



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  • CreatedJanuary 16, 2015
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