Highland Consulting Group began the year with total assets of $250,000 and total liabilities of $95,000. The company is a sole proprietorship. The revenues and expenses for the year amounted to $320,000 and $185,000, respectively. During the year, the owner invested an additional $30,000 in the business and withdrew $75,000 for personal use. Calculate Highland's net income for the year. a. $105,000 b. $135,000 c. $180,000 d. $320,000

Highland Consulting Group began the year with total assets of $250,000 and total liabilities of $95,000. The company is a sole proprietorship. The revenues and expenses for the year amounted to $320,000 and $185,000, respectively. During the year, the owner invested an additional $30,000 in the business and withdrew $75,000 for personal use. Calculate Highland's net income for the year. a. $105,000 b. $135,000 c. $180,000 d. $320,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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