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+Book 4D HM Ask Prim References Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and liabilities at the beginning and end of this year Assets $ 107,000 155,000 Liabilities $45,871 62,775 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 $6,600 during the year c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 ch d. Owner withdrew $6.600 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 Note: 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 + S 05 (0) Brev DS S 0 7

+Book 4D HM Ask Prim References Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and liabilities at the beginning and end of this year Assets $ 107,000 155,000 Liabilities $45,871 62,775 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 $6,600 during the year c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 ch d. Owner withdrew $6.600 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 Note: 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 + S 05 (0) Brev DS S 0 7

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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+BOOK 4D HM Ask Prim References Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and liabilities at the beginning and end of this year Assets $ 107,000 155,000 Liabilities $45,871 62,775 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 $6,600 during the year c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 ch d. Owner withdrew $6.600 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 Note: Decreases in equity should be indicated with a minus sign Beginning of the year-Equity Owner investments Owner withdrawals Net income (oss) End of the year--Equity ☆ S 05 • Brev DS S 0 }
Transcribed Image Text:+BOOK 4D HM Ask Prim References Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and liabilities at the beginning and end of this year Assets $ 107,000 155,000 Liabilities $45,871 62,775 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 $6,600 during the year c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 ch d. Owner withdrew $6.600 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 Note: Decreases in equity should be indicated with a minus sign Beginning of the year-Equity Owner investments Owner withdrawals Net income (oss) End of the year--Equity ☆ S 05 • Brev DS S 0 }
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