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 soleproprietorship. The revenues and expenses for the yearamounted 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.

Net income is calculated using the formula:Net Income = Revenues - ExpensesGiven:Revenues =…

Answered: Pankaj Business Solutions started the…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 5PA

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