The total assets and liabilities of Oriole Company at January 1 and December 31, 2020 are presented below. January 1 December 31 $75,000 24,000 Assets Liabilities (a) Your answer is correct. Assume owner's drawings of $11,200 were paid and no additional investment was made during the year. Revenues were $105,000. Compute (a) net income, and (b) expenses. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) (a) Net income/(loss) (b) Expenses $107,000 30,000 (a) Net income/(loss) $ (b) Revenues 37,200 Assume an additional investment was made for $4,500 and no drawings were paid during the year. Expenses were $42,000. Compute (a) net income, and (b) revenues. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 67,800
The total assets and liabilities of Oriole Company at January 1 and December 31, 2020 are presented below. January 1 December 31 $75,000 24,000 Assets Liabilities (a) Your answer is correct. Assume owner's drawings of $11,200 were paid and no additional investment was made during the year. Revenues were $105,000. Compute (a) net income, and (b) expenses. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) (a) Net income/(loss) (b) Expenses $107,000 30,000 (a) Net income/(loss) $ (b) Revenues 37,200 Assume an additional investment was made for $4,500 and no drawings were paid during the year. Expenses were $42,000. Compute (a) net income, and (b) revenues. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 67,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The total assets and liabilities of Oriole Company at January 1 and December 31, 2020 are presented below.
Assets
Liabilities
(a)
January 1
$75,000
24,000
Your answer is correct.
(a) Net income/(loss) $
(b) Expenses
December 31
Assume owner's drawings of $11,200 were paid and no additional investment was made during the year. Revenues were
$105,000. Compute (a) net income, and (b) expenses. (Enter loss using either a negative sign preceding the number e.g. -45
or parentheses e.g. (45).)
(a) Net income/(loss) $
(b) Revenues
$
$107,000
$
30,000
Assume an additional investment was made for $4,500 and no drawings were paid during the year. Expenses were $42,000.
Compute (a) net income, and (b) revenues. (Enter loss using either a negative sign preceding the number e.g. -45 or
parentheses e.g. (45).)
37,200
67,800
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