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Business
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Assets Llablities Beginning of the year. $ 60,000 $20,000 End of the year. 105,000 36,000 Determine net income or net loss for the business during the year for each of the following separate cases. 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 the owner withdrew $1,250 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $55,000 cash. d. Owner withdrew $1,250 cash per month for personal use, and the owner invested an additional $35,000 cash.

Assets Llablities Beginning of the year. $ 60,000 $20,000 End of the year. 105,000 36,000 Determine net income or net loss for the business during the year for each of the following separate cases. 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 the owner withdrew $1,250 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $55,000 cash. d. Owner withdrew $1,250 cash per month for personal use, and the owner invested an additional $35,000 cash.

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 sole proprietorship had the following assets and liabilities at the beginning and end of this year.

Assets Llablities Beginning of the year. $ 60,000 $20,000 End of the year. 105,000 36,000 Determine net income or net loss for the business during the year for each of the following separate cases. 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 the owner withdrew $1,250 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $55,000 cash. d. Owner withdrew $1,250 cash per month for personal use, and the owner invested an additional $35,000 cash.
Transcribed Image Text:Assets Llablities Beginning of the year. $ 60,000 $20,000 End of the year. 105,000 36,000 Determine net income or net loss for the business during the year for each of the following separate cases. 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 the owner withdrew $1,250 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $55,000 cash. d. Owner withdrew $1,250 cash per month for personal use, and the owner invested an additional $35,000 cash.
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