Net Income, accounting homework help

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Net Income, accounting homework help

during 2016, peaceful river spa reported revenue of $50,000. total expenses for the year were $37,000. Peaceful river spa ended the year with total assets of $37,000 and it owed debts totaling $12,000. at year end 2015, the business reported total assets of $24,000 and total liabilities of $12,000. 1) compute peaceful river spa’s net income for 2016. 2) Did Peaceful river spa’s owners equity increase or decrease during 2016? By How much? SHOW WORK

 
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