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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. Beginning of the year End of the year Assets $ 117,000 160,000 Liabilities $ 50,158 64,800 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 $12,600 during the year. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $12,600 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 a. b. C. d. $ 0 $ 0 $ 0 Owner investments Owner withdrawals Net income (loss) End of the year-Equity $ 0 $ 0 $ 0

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. Beginning of the year End of the year Assets $ 117,000 160,000 Liabilities $ 50,158 64,800 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 $12,600 during the year. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $12,600 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 a. b. C. d. $ 0 $ 0 $ 0 Owner investments Owner withdrawals Net income (loss) End of the year-Equity $ 0 $ 0 $ 0

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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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. Beginning of the year End of the year Assets $ 117,000 160,000 Liabilities $ 50,158 64,800 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 $12,600 during the year. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $12,600 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 a. b. C. d. $ 0 $ 0 $ 0 Owner investments Owner withdrawals Net income (loss) End of the year-Equity $ 0 $ 0 $ 0
Transcribed Image Text: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. Beginning of the year End of the year Assets $ 117,000 160,000 Liabilities $ 50,158 64,800 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 $12,600 during the year. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $12,600 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 a. b. C. d. $ 0 $ 0 $ 0 Owner investments Owner withdrawals Net income (loss) End of the year-Equity $ 0 $ 0 $ 0
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