A business had the following amounts of assets and liabilities at the beginning and end of a recent year: Assets Liabilities Beginning of the year $81,000 $34,000 End of the year 124,000 52,000 Determine the net income earned or net loss incurred by the business during the year under the following assumption: The owner made no additional investments in the business and withdrew no assets during the year.
A business had the following amounts of assets and liabilities at the beginning and end of a recent year: Assets Liabilities Beginning of the year $81,000 $34,000 End of the year 124,000 52,000 Determine the net income earned or net loss incurred by the business during the year under the following assumption: The owner made no additional investments in the business and withdrew no assets during the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A business had the following amounts of assets and liabilities at
the beginning and end of a recent year:
Assets Liabilities
Beginning of the year $81,000 $34,000
End of the year
124,000 52,000
Determine the net income earned or net loss incurred by the
business during the year under the following assumption:
The owner made no additional investments in the business and
withdrew no assets during the year.
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