Shep Company's records show the following information for the current year. Beginning of year $ 50,800 $ 22,400 End of year $ 81,000 $ 35,400 Total assets Total liabilities Determine net income (loss) for each of the following separate situations. Note: For all requirements, losses should be entered with a minus sign. a. Additional owner investments of $3,400 were contributed, and withdrawals of $7,400 were made during the current year. b. Additional owner investments of $15,100 were contributed, and no withdrawals were made during the current year. c. No additional owner investments were contributed, and withdrawals of $12,400 were made during the current year. a. Net income (loss) b. Net income (loss) c. Net income (loss) $ (21,200) (2,100) $ $ (29,600)
Shep Company's records show the following information for the current year. Beginning of year $ 50,800 $ 22,400 End of year $ 81,000 $ 35,400 Total assets Total liabilities Determine net income (loss) for each of the following separate situations. Note: For all requirements, losses should be entered with a minus sign. a. Additional owner investments of $3,400 were contributed, and withdrawals of $7,400 were made during the current year. b. Additional owner investments of $15,100 were contributed, and no withdrawals were made during the current year. c. No additional owner investments were contributed, and withdrawals of $12,400 were made during the current year. a. Net income (loss) b. Net income (loss) c. Net income (loss) $ (21,200) (2,100) $ $ (29,600)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Shep Company's records show the following information for the current year.
Beginning of year
$ 50,800
End of year
$ 81,000
$ 35,400
$ 22,400
Total assets
Total liabilities
Determine net income (loss) for each of the following separate situations.
Note: For all requirements, losses should be entered with a minus sign.
a. Additional owner investments of $3,400 were contributed, and withdrawals of $7,400 were made during the current year.
b. Additional owner investments of $15,100 were contributed, and no withdrawals were made during the current year.
c. No additional owner investments were contributed, and withdrawals of $12,400 were made during the current year.
a. Net income (loss)
b. Net income (loss)
c. Net income (loss)
$
(21,200)
(2,100)
(29,600)
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