During 2016, Peaceful River Spa reported revenue of $40,000. Total expenses for the year were $35,000. Peaceful
Question:
During 2016, Peaceful River Spa reported revenue of $40,000. Total expenses for the year were $35,000. Peaceful River Spa ended the year with total assets of $23,000, and it owed debts totaling $9,000. At year-end 2015, the business reported total assets of $18,000 and total liabilities of $9,000.
Requirements
1. Compute Peaceful River Spa's net income for 2016.
2. Did Peaceful River Spa's stockholders' equity increase or decrease during 2016? By how much?
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Requirement 1 Revenues Expenses Net Income 40000 35000 500...View the full answer
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Related Book For 
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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