Requirements

1. Compute

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Spa's net income for

20142014.

2. Did

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Spa's equity increase or decrease during

During 20142014?

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Spa reported revenue of

$ 20 comma 000$20,000.

Total expenses for the year were

$ 7 comma 000$7,000.

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Spa ended the year with total assets of

$ 31 comma 000$31,000 ,

and it owed debts totaling

$ 9 comma 000$9,000.

At year-end

20132013 ,

the business reported total assets of

$ 18 comma 000$18,000

and total liabilities of

$ 9 comma 000$9,000.

Requirements

1. Compute

Sweet TouchSweet Touch

Spa's net income for

20142014.

2. Did

Sweet TouchSweet Touch

Spa's equity increase or decrease during

20142014 ?

By how much?

Requirement 1. Compute

Sweet TouchSweet Touch

Spa's net income for

20142014.

Begin by identifying the formula to calculate net income and then enter the amounts to solve for net income.

=

Net Income

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=