Bundle: College Accounting: A Career Approach, Loose-leaf Version, 13th + Quickbooks Online + Working Papers With Study Guide
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Chapter 7, Problem 3DQ
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Explain the purpose of payroll register.

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Marcos is the sole owner and operator of Great Jet Company. As of the end of its accounting period, December 31, Year 1, Great Jet Company has assets of $997,000 and liabilities of $277,000. During Year 2, Marcos invested an additional $49,000 and withdrew $36,000 from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $875,000, and liabilities were $260,000?
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