Logan Enterprises is a sole proprietorship owned by Jordan Logan. As of December 31, Year 1, Logan Enterprises has total assets of $780,000 and liabilities of $250,000. During Year 2, Logan invested an additional $50,000 into the business and withdrew $28,000. If total assets at the end of Year 2 were $830,000 and liabilities were $240,000, what was the net income for Year 2?
Logan Enterprises is a sole proprietorship owned by Jordan Logan. As of December 31, Year 1, Logan Enterprises has total assets of $780,000 and liabilities of $250,000. During Year 2, Logan invested an additional $50,000 into the business and withdrew $28,000. If total assets at the end of Year 2 were $830,000 and liabilities were $240,000, what was the net income for Year 2?
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 31CE
Related questions
Question
100%
what was the net income for year 2?
Transcribed Image Text:Logan Enterprises is a sole proprietorship owned by Jordan Logan. As
of December 31, Year 1, Logan Enterprises has total assets of
$780,000 and liabilities of $250,000. During Year 2, Logan invested an
additional $50,000 into the business and withdrew $28,000. If total
assets at the end of Year 2 were $830,000 and liabilities were
$240,000, what was the net income for Year 2?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you