Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 7.00

Aries, Gemini, Leo,

EX 1-15 Net income and owner’s equity for four businesses Four different proprietorships, Aries, Gemini, Leo, and Pisces, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner’s equity, are summarized as follows:

 

Total Assets

Total Liabilities

Beginning of the year

$400,000

$100,000

End of the year

750,000

300,000

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 year. (Hint: First determine the amount of increase or decrease in owner’s equity during the year.)

Aries: The owner had made no additional investments in the business and had made no withdrawals from the business.

Gemini: The owner had made no additional investments in the business but had withdrawn $40,000.

Leo: The owner had made an additional investment of $90,000 but had made no withdrawals.

Pisces: The owner had made an additional investment of $90,000 and had withdrawn $40,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 02:09 PM My Price 7.00

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