Pankaj Business Solutions started the year with total assets of $180,000 and total liabilities of $80,000. The company is a sole proprietorship. The revenues and expenses for the year amounted to $135,000 and $69,000, respectively. During the year, there were no new capital contributions, and the owner withdrew $50,000. Calculate Pankaj's net income for the year.

Pankaj Business Solutions started the year with total assets of $180,000 and total liabilities of $80,000. The company is a sole proprietorship. The revenues and expenses for the year amounted to $135,000 and $69,000, respectively. During the year, there were no new capital contributions, and the owner withdrew $50,000. Calculate Pankaj's net income for the year.

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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