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During 2024, Pacific Breeze Spa reported revenue of $65,000 Total expenses for the year were $55000 Pacific Breeze Spa ended the year with total assets of $26.000, and it owed debts totaling $8,000 At year-end 2023, the business reported total assets of S16,000 and total liabilities of $8,000 Read the requirements Requirement 1. Compute Pacific Breeze Spa's not income for 2024 Begin by identifying the formula to calculate net income and then enter the amounts to solve for net income Revenues Expenses Net Income 65.000 55.000 $ 10,000 Requirement 2. Did Pacific Breeze Spa's owner's equity increase or decrease during 2024? By how much? Pacific Breeze Spa's equity increased during the year by The records of Morin Company show the following at December 31, 2024 (Click the icon to view the data) Requirements 1. Compute the missing amount for Morin Company. You will need to work through owner's equity 2. Did Morin earn a net income or suffer a net loss for the year? Compute the amount Requirement 1. Computo the missing amount for Morin Company You will need to work through owner's equity Begin by working through owner's equity Rework the accounting equation and then solve for owner's equity (equity") at the beginning and end of the period. Equity Beginning Ending Indicate the effects of the following business transactions on the accounting equation for Sam's Snack Foods, a supplier of snack foods Transaction (a) is answered as a guide Click the icon to view the transactions a. Sam's Snack Foods received cash from owner and gave capital (Transaction () is answered as a guide) a increase assol (Cash) Increase equity (Sam, Capital) b. Cash purchase of land for a building site b. Samantha Summers opened a medical practice Dunng July, the first month of operation, the business, titled Samantha Summers, MD, experienced the following events Click the icon to view the transactions) Analyze the effects of these events on the accounting equation of the medical practice of Samantha Summers, MD. Analyze the events chronologically one transaction at a time, beginning with the transaction on the 6th For each transaction that follows the transaction on the 6th calculate the balance in each account after analyzing its effect on the accounting equation (Complete only the necessary answer boxes for your transaction lines Do not enter any zeros for your transaction lines) For transactions with the same date, be sure to enter each transaction on a separate line in the order presented in the problem Carry down all balances to the Balineincluding zoro balance accounts, entering a "for any zero balances Enter a decrease in an account with a minus sign or parentheses. Abbreviations used AIP = Accounts Payable Cap Summers, Capital Exp Expense, Ciab Liabilities, Med Medical Rev =- Revenue, Sal Salaries, Sup Supplies, Withdr Summers Withdrawals) ASSETS LIAB EQUITY Cash Med Land AP With Service Sal Rent Us Sup Rev . EXD Exp 770 + +