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A company had the following assets and liabilities at the beginning an Liabilities $58,518 78,368 Beginning of the year End of the year Assets $ 136,500 193,500 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 equ be indicated with a minus sign.) Beginning of the year-Equity Owner investments Owner withdrawals Net income (loss) $ b. 0 $ 0 $

A company had the following assets and liabilities at the beginning an Liabilities $58,518 78,368 Beginning of the year End of the year Assets $ 136,500 193,500 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 equ be indicated with a minus sign.) Beginning of the year-Equity Owner investments Owner withdrawals Net income (loss) $ b. 0 $ 0 $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company had the following assets and liabilities at the beginning and end of this year. Assets $ 136,500 193,500 Liabilities $ 58,518 78,368 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
Transcribed Image Text:A company had the following assets and liabilities at the beginning and end of this year. Assets $ 136,500 193,500 Liabilities $ 58,518 78,368 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
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