Solved: Compute peaceful river spas net income for 2016 how much, Accounting Basics

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Compute peaceful river spas net income for 2016 how much

Problem

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.

1. Compute Peaceful River Spa's net income for 2016.

2. How much did Peaceful River Spa's owner's equity increase or decrease during 2016?

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Accounting Basics: Compute peaceful river spas net income for 2016 how much

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