A company had the following assets and liabilities at the beginning and end of this year. Assets $ 136,500 Liabilities $58,518 78,368 193,500 Beginning of the year End of the year a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but did withdraw $15,000 during the year. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $15,000 during the year, but the owner did invest an additional $35,000 cash near year-end. Determine net income or net loss for the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.). Beginning of the year-Equity Owner investments Owner withdrawals Net income (loss) End of the year-Equity $ 0 $ 0 $ d. 0
A company had the following assets and liabilities at the beginning and end of this year. Assets $ 136,500 Liabilities $58,518 78,368 193,500 Beginning of the year End of the year a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but did withdraw $15,000 during the year. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $15,000 during the year, but the owner did invest an additional $35,000 cash near year-end. Determine net income or net loss for the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.). Beginning of the year-Equity Owner investments Owner withdrawals Net income (loss) End of the year-Equity $ 0 $ 0 $ d. 0
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 21E
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