net loss and net income 349346
Aug 29, 2021 | Uncategorized
| A business had the following amounts of assets and liabilities at the beginning and end of a recent year: |
|
Assets |
Liabilities |
| Beginning of the year |
$ |
81,000 |
$ |
34,000 |
| End of the year |
|
124,000 |
|
52,000 |
|
| Determine the net income earned or net loss incurred by the business during the year under each of the following unrelated assumptions: |
| a. |
The owner made no additional investments in the business and withdrew no assets during the year. |
|
b.
|
The owner made no additional investments in the business during the year but withdrew $4,950per monthto pay personal living expenses.
|
|
c.
|
The owner withdrew no assets during the year but invested an additional $84,000 cash.
|
|
d.
|
The owner withdrew $3,900per monthto pay personal living expenses and invested an additional $79,000 cash in the business.
|
