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Following are the amounts of the assets and liabilities of St. Kitts Travel Agency at December 31, 2010, the end of the current year, and its revenue and expenses for the year. The capital of Robin Egan, owner, was $45,000 on January 1, 2010, the beginning of the current year. During the current year, Robin withdrew $7,500.
Instructions
1. Prepare an income statement for the current year ended December 31, 2010.
2. Prepare a statement of owner's equity for the current year ended December 31, 2010.
3. Prepare a balance sheet as of December 31,2010.
Write a paper identifying and defining the six arguments for imposing trade restrictions and import tariffs. Explain why they are generally false.
Rooter's Cleaning Services provided data concerning the costs incurred to clean hotel rooms for which hotel customers pay $150 per night. Data for the past 7 months are as follows:
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