E1-21 Using the
Learning Objective 3
Wizco Advertising's balance sheet data at May 31, 2018, and June 30, 2018, follow:
May 31, 2018 | June 30, 2018 | |
Total Assets |
$ 122,000 |
$ 287,000 |
Total Liabilities |
66,000 |
144,000 |
For each of the following situations that occurred in June, 2018 with regard to owner's contributions and withdrawals, compute the amount of net income or net loss during June 2018.
- The owner contributed $10,000 to the business and made no withdrawals.
- The owner made no contributions. The owner withdrew cash of $3,000.
- The owner made contributions of $12,500 and withdrew cash of $30,000.
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