11. If beginning capital was $25,000, ending capital is$37,000, and the owner's withdrawals were $23,000, theamount of net income or net loss for the period was:a. net loss of $35,000b. net income of $35,000c. net income of $14,000d. net loss of $14,00012. A company began the accounting period with $50,000 inowner's capital, ended with $75,000 in owner's capital,and the owner withdrew $30,000 during the period forpersonal use. What was the company's net income orloss for the period?a. $55,000 net income.b. $30,000 net loss.c. $5,000 net loss.d. $5,000 net income.

"Since you have asked multiple questions, we will solve only first question for you. If you want any…

11. If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was: a. net loss of $35,000 b. net income of $35,000 c. net income of $14,000 d. net loss of $14,000

11. If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was: a. net loss of $35,000 b. net income of $35,000 c. net income of $14,000 d. net loss of $14,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The annual revenue, expenses, and depreciation for a company are $130,000; 32,000; and $12,000,…

A: Revenue = 130,000 Expenses = 32000 Depreciation = 12000 Tax Rate = 23%

Q: The following information is given: 100.000 150.000 Current liabilities Non-Current liabilities…

A: Formula: Total liabilities = Current liabilities + Non current liabilities

Q: Company A has sales of $560, costs of $100 (not including depreciation), depreciation expense of…

A: Sales = s = $560Cost = c = $100Depreciation = d = $40Interest Expenses = i = $40

Q: Short-term investment earned an unrecorded investment income amounting to P 15,000. What is the…

A: Accrued income is one of the asset of the business. It means income which has been earned by the…

Q: How much is the adjusted profit (loss)? a. 183,000 b. 207,000 c. (53,000) d. (21,000)

A: The accrual concept and cash concept are two approaches in accounting. The accrual concept says that…

Q: A company has $120,000 in current liabilities and $200,000 in noncurrent liabilities. What would the…

A: Liabilities refer to the obligations of the entity that are required to be fulfilled in the future.…

Q: The following financial information was provided by Anya Company: Net Income 8,255,000.00…

A: Depreciation A depreciation is a non-cash expenses for the company. The depreciation expenses is…

Q: A return on assets of 5.15% means that a company is earning: a.a $5.15 return on every $100 invested…

A: Return on Assets: This ratio represents the overall efficiency of capital invested in the business.…

Q: 37. A company with S60,000 in current assets and $35,000 in current liabilities pays a $1,000…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: From the following information for BlueInks Corporation, compute the rate of return on assets. Hint:…

A: Rate of Return On Assets (ROA) measures a company's profitability by assessing its net income…

Q: In a period, sales are $140,000, purchases $75,000 and other expenses $25,000. What is the figure…

A: Net profit = Total sales - Total expenses

Q: 16. Gatland recorded uncollectible accounts expense of $30,000 and wrote off accounts receivable of…

A: The objective of the question is to determine the net effect of the two transactions on working…

Q: 9. At the beginning of the year, an Entity had total assets of P700,000 and total liabilities of…

A: Ending total assets = beginning total assets + beginning total assets x 30% = 700000 + 700000 x 30%…

Q: uring the current year, Sokowski Manufacturing earned income of $350,000 from total sales of…

A: Solution: Asset turnover is sales divided by average capital assets.

Q: Data for item nos. 24 & 25 Di Ka Na Mahal Company reported the following information during the…

A: Pretax financial income P90,00,000 Less: Nontaxable interest received -P10,00,000 Add: Long-term…

Q: Refer to the following financial information of Scholz Company: NOPAT 8.250.000.00 EBITDA…

A: Formula: Economic value added (EVA) = Net operating profit after tax - Total invested capital x WACC…

Q: You have the following: Short term capital losses - $9,000 Long term capital losses - $8,000 Short…

A: When an investment held for less than a year is sold, a short-term capital gain occurs. whereas if…

Q: The annual revenue, expenses, and depreciation for a company are $130,000; 32,000; and $15,000,…

A: Annual Revenue = 130,000 Expenses = 32,000 Depreciation = 15,000

Q: 8. If total liabilities decreased by RM66,000 and owner's equity increased by RM90,000, what is the…

A: Change in liabilities = -RM66,000 Change in equity = RM90,000

Q: Branch Corp.'s total assets at the end of last year were $310,000 and its net income after taxes was…

A: The ratio analysis is performed to compare the different elements of the business. The return on…

Q: In a period, sales are $140,000, purchases $75,000 and other expenses $25,000. What is the figure…

A: Solution- Sales 140000 (-)Purchase 75000 Gross profit 65000 (-) Other expenses 25000 Net…

Q: teddy’s Pillow’s had beginning net fixed assets of $461 and ending net fixed assets of $530. Assets…

A: The net amount spent by a corporation to acquire fixed assets over a period of time is referred to…

Q: Amir Company’s net income and net sales are $18,000 and $1,100,000, respectively,and average total…

A: Return on assets: Return on assets is the financial ratio which determines the amount of net income…

Q: 11. At the beginning of the year, an Entity had total assets of P700,000 and total liabilities of…

A: Beginning Total Liabilities + Beginning Owners' Equity = Beginning Total Assets Beginning Owners'…

Q: The asset - vehicle worth £21,200 will be depreciated by 10% at the end of the year. Which nominal…

A: Depreciation is such a way in which whatever value of Asset decreases.It is method to charge…

Q: BDU Company has net income of $500,000 and average assets of $2,000,000 for the current year. If its…

A: The asset turnover ratio shows the relationship between a company's sales (revenue) and its total…

Q: 8A. During the current year, Sokowski Manufacturing earned income of $342,385 from total sales of…

A: The asset turnover is calculated as ratio of Sales and assets

Q: owner's equity

A: Owner's equity at the end of the year = Total assets at the end of the year - Total liabilities at…

Q: 7. New World has total assets of $31,300, long-term debt of $8,600, net fixed assets of $20,300, and…

A: Total Asset = ta = $31,300Long Term Debt = d = $8600Net Fixed Assets = fa = $20,300Equity = e =…

Q: (ROCE) C

A: We know that - Return on capital employed - ((Earnings before interest and taxes )/(Capital employed…

Q: A return on assets of 5.15% means that a company is earning: O a. a $5.15 return on every $100 of…

A: RETURN ON TOTAL ASSETS Return on total assets is an indicator on how well a company’s investments…

Q: 9. The accrued obligation at the beginning of the year was $456,000 and the current service cost for…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Question

11. If beginning capital was $25,000, ending capital is
$37,000, and the owner's withdrawals were $23,000, the
amount of net income or net loss for the period was:
a. net loss of $35,000
b. net income of $35,000
c. net income of $14,000
d. net loss of $14,000
12. A company began the accounting period with $50,000 in
owner's capital, ended with $75,000 in owner's capital,
and the owner withdrew $30,000 during the period for
personal use. What was the company's net income or
loss for the period?
a. $55,000 net income.
b. $30,000 net loss.
c. $5,000 net loss.
d. $5,000 net income.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2 Introduction

Step 3 Solution

Step 4 Conclusion

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Assume a company had net income of $61,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 46,000 $ 46,000 Inventory $ 53,000 $ 53,000 Current liabilities: Accounts payable $ 44,000 $ 49,000 Income taxes payable $ 10,000 $ 14,000 If the company did not sell any noncurrent assets during the period and its depreciation charges for the period were $21,000, then based solely on the information provided, the net cash provided by operating activities would be: Multiple Choice $49,000. $31,000. $73,000. $91,000.
A company reports the following information: Sales of $100,000; Beginning assets of $200,000, Ending assets of $250,000; Net Income of $5,000. The return on assets (to the nearest whole number) is: a. 555% b. 44% c. 2% d. 5%
6 )
h
G1
A return on assets of 5.15% means that a company is earning: O a. a $5.15 return on every $100 of assets minus liabilities. O b. a $5.15 return on every $100 of total assets. O c. a $5.15 return on every $100 of current assets. O d. a $5.15 return on every $100 invested in long-term assets.
Branch Corp.'s total assets at the end of last year were $310,000 and its net income after taxes was $22,750. What was its return on total assets? Select the correct answer. a. 8.34% b. 7.34% c. 6.84% d. 7.84% e. 6.34%
Assume Metro Corporation had a net income of $2,200 for the year ending December 31. Its beginning and ending total assets were $35,500 and $19,000, respectively. Calculate Metro's return on assets (ROA). (Round your percentage answer to two decimal places.) A. 11.58% B. 4.04% C. 8.07% D. 6.20%
Silver Diamond Company's Profit before interest and tax is OMR 360,000, the total of assets is OMR 900,000 and total of current liabilities is OMR 500,000. The Return on Capital employed (ROCE) of the company is: a. 40% b. 25.71% c. 90% d. 111.11%
Assume a company had net income of $79,000 that included a gain on the sale of equipment of $4,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities: Accounts payable $ 38,000 $ 44,000 Accrued liabilities $ 18,000 $ 15,000 Income taxes payable $ 13,000 $ 10,000 If the credits to the company’s accumulated depreciation account were $21,000, then based solely on the information provided, the company’s net cash provided by (used in) operating activities would be: Multiple Choice $63,000. $55,000. $105,000. $97,000.
Assume a company had sales of $372,000 (all on account) and net income of $60,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities: Accounts payable $ 38,000 $ 44,000 Accrued liabilities $ 18,000 $ 15,000 Income taxes payable $ 13,000 $ 10,000 If the credits to the company’s accumulated depreciation account were $21,000, then based solely on the information provided, the company’s cash collections from customers would be: Multiple Choice $375,000. $381,000. $366,000. $378,000.
1. Multiple-Choice: Calculate Company Y's return on assets, to two decimal places, based on the following information for the current year. a) 7.50 b) 9.00 c) 8.18 d) 7.27