Total Assets Total Liabilities $28,100 $47,200 $70,200 $112,300 e data and the following additional information for the year, det e amount of increase or decrease in owner's equity during the
Total Assets Total Liabilities $28,100 $47,200 $70,200 $112,300 e data and the following additional information for the year, det e amount of increase or decrease in owner's equity during the
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Net income and owner's equity for four businesses
Four different proprietorships, Amber, Blue, Coral, and Daffodil, have the same balance sheet data at the beginning and end of a year as follows:
Total Assets Total Liabilities
Beginning of the year
$70,200
$112,300
$28,100
$47,200
End of the year
On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the y
(Hint: First, determine the amount of increase or decrease in owner's equity during the year.)
Amber: No additional owner investments and no owner withdrawals were made.
Blue: No additional owner investments, but the owner withdrew $5,100.
Coral: The owner invested an additional $14,800 in the business and made no withdrawals.
Daffodil: The owner invested an additional $17,900 in the business and withdrew $4,800.
Enter all amounts as positive numbers.
Amber
Blue
Coral
Daffodil
0000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c8a1543-ef67-4176-ac0e-c5a367cc175b%2F913d9164-19e3-4910-90d3-c7219450a655%2Frwxts2h_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Net income and owner's equity for four businesses
Four different proprietorships, Amber, Blue, Coral, and Daffodil, have the same balance sheet data at the beginning and end of a year as follows:
Total Assets Total Liabilities
Beginning of the year
$70,200
$112,300
$28,100
$47,200
End of the year
On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the y
(Hint: First, determine the amount of increase or decrease in owner's equity during the year.)
Amber: No additional owner investments and no owner withdrawals were made.
Blue: No additional owner investments, but the owner withdrew $5,100.
Coral: The owner invested an additional $14,800 in the business and made no withdrawals.
Daffodil: The owner invested an additional $17,900 in the business and withdrew $4,800.
Enter all amounts as positive numbers.
Amber
Blue
Coral
Daffodil
0000
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education