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 $
Chapter1: Financial Statements And Business Decisions
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
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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