A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Liabilities $63,000 83,000 Beginning of the year End of the year Assets $ 149,000 207,000 If the owner made no withdrawals during the year but did invest an additional $45,000 cash The net income earned or net loss incurred by the business during the year is: (If the answer is a net loss, it should be indicated with a minus sign)

A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Liabilities $63,000 83,000 Beginning of the year End of the year Assets $ 149,000 207,000 If the owner made no withdrawals during the year but did invest an additional $45,000 cash The net income earned or net loss incurred by the business during the year is: (If the answer is a net loss, it should be indicated with a minus sign)

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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Question

Subject: accounting

19:30
A sole proprietorship had the following assets and liabilities at the beginning and end of this year.
Liabilities
$ 63,000
83,000
If the owner made no withdrawals during the year but did invest an additional $45,000 cash.
The net income earned or net loss incurred by the business during the year is:
(If the answer is a net loss, it should be indicated with a minus sign)
Beginning of the year
End of the year
Assets
$ 149,000
207,000

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