Beginning of the year End of the year Assets $ 101,500 153,500 $43,513 62,168 1. Owner made no investments in the business, and no withdrawals were made during the year. 2. Owner made no investments in the business, but did withdraw $12,000 during the year. 3. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. 4. Owner withdrew $12,000 during the year, but the owner did invest an additional $35,000 cash near year-end. Determine net income or net loss for the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.)
Beginning of the year End of the year Assets $ 101,500 153,500 $43,513 62,168 1. Owner made no investments in the business, and no withdrawals were made during the year. 2. Owner made no investments in the business, but did withdraw $12,000 during the year. 3. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. 4. Owner withdrew $12,000 during the year, but the owner did invest an additional $35,000 cash near year-end. Determine net income or net loss for the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.)
Chapter6: Business Expenses
Section: Chapter Questions
Problem 44P
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