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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. Assets Beginning of the year End of the year $ 63,000 112,500 Liabilities $ 27,008 45,563 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 $9,000 during the year. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $9,000 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. a. b. C. d. Beginning of the year-Equity $ 35,992 $ 35,992 $ Owner investments 0 ΟΙ 35,992 $ 45,000 35,992 35,000 Owner withdrawals ог 0 Net income (loss) 30,945 39,945 (14,055) 4,945 End of the year-Equity $ 66,937 $ 66,937 $ 66,937 $ 66,937

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 Beginning of the year End of the year $ 63,000 112,500 Liabilities $ 27,008 45,563 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 $9,000 during the year. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $9,000 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. a. b. C. d. Beginning of the year-Equity $ 35,992 $ 35,992 $ Owner investments 0 ΟΙ 35,992 $ 45,000 35,992 35,000 Owner withdrawals ог 0 Net income (loss) 30,945 39,945 (14,055) 4,945 End of the year-Equity $ 66,937 $ 66,937 $ 66,937 $ 66,937

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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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. Assets Beginning of the year End of the year $ 63,000 112,500 Liabilities $ 27,008 45,563 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 $9,000 during the year. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $9,000 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. a. b. C. d. Beginning of the year-Equity $ 35,992 $ 35,992 $ Owner investments 0 ΟΙ 35,992 $ 45,000 35,992 35,000 Owner withdrawals ог 0 Net income (loss) 30,945 39,945 (14,055) 4,945 End of the year-Equity $ 66,937 $ 66,937 $ 66,937 $ 66,937
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. Assets Beginning of the year End of the year $ 63,000 112,500 Liabilities $ 27,008 45,563 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 $9,000 during the year. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $9,000 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. a. b. C. d. Beginning of the year-Equity $ 35,992 $ 35,992 $ Owner investments 0 ΟΙ 35,992 $ 45,000 35,992 35,000 Owner withdrawals ог 0 Net income (loss) 30,945 39,945 (14,055) 4,945 End of the year-Equity $ 66,937 $ 66,937 $ 66,937 $ 66,937
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