Polo Bond is the sole owner and operator of Fun Polo Shop. The following is information as of the end of its accounting period. June 30, Year 2June 30, Year 1Total Assets$995,000$940,000Total Liabilities$270,000$300,000The amount of net profit/loss during Year 2, if Polo invested an additional $73,000 and withdrew $33,000 from the business is:Select one:a.$45,000 loss.b.$52,000 profit.c.$45,000 profit.d.$52,000 loss.e.None of the above answers is correct.

Name: Polo Bond is the sole owner and operator of Fun Polo Shop. The followi
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Description: Polo Bond is the sole owner and operator of Fun Polo Shop. The following is information as of the end of its accounting period. June 30, Year 2June 30, Year 1Total Assets$995,000$940,000Total Liabilities$270,000$300,000The amount of net profit/loss d

Profit for the year can be easily computed by finding the difference between the closing and the…

Answered: Polo Bond is the sole owner and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Polo Bond is the sole owner and operator of Fun Polo Shop. The following is information as of the end of its accounting period.

	June 30, Year 2	June 30, Year 1
Total Assets	$995,000	$940,000
Total Liabilities	$270,000	$300,000

The amount of net profit/loss during Year 2, if Polo invested an additional $73,000 and withdrew $33,000 from the business is:

Select one:

$45,000 loss.

$52,000 profit.

$45,000 profit.

$52,000 loss.

None of the above answers is correct.

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