C 1 A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Assets Beginning of the year $ 88,500 End of the year 129,500 If the owner withdrew $850 cash per month for personal use and invested an additional $25,000 cash Liabilities $ 29,500 54,500 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.)

C 1 A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Assets Beginning of the year $ 88,500 End of the year 129,500 If the owner withdrew $850 cash per month for personal use and invested an additional $25,000 cash Liabilities $ 29,500 54,500 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.)

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxati On Of Trusts And Estates

Section: Chapter Questions

Problem 8DQ

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