a. Owner made no investments in the business and no withdrawals were made during the year b. wner made no investments in the business but withdrew $650 cash per month for personal use c. Owner made no withdrawals during the year but the owner did invest an additional $45,000 cash d. Owner withdrew $650 cash per month for personal use and the owner invested an additional $35,000 cash Determine net income or net loss for the business during the year for each of the above seperate
A sole proprietorship had the following assets and liabilities at the beginning and end of this year
Beginning of the year Assets: $119,500 Liabilities: $51,230
End of the year Assets: $172,000 Liabilities: $69,660
a. Owner made no investments in the business and no withdrawals were made during the year
b. wner made no investments in the business but withdrew $650 cash per month for personal use
c. Owner made no withdrawals during the year but the owner did invest an additional $45,000 cash
d. Owner withdrew $650 cash per month for personal use and the owner invested an additional $35,000 cash
Determine net income or net loss for the business during the year for each of the above seperate cases: (decreases in equity should be indicated with a minus sign.)
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