Maurice Tutor

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

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 6.00

sole proprietorship

A sole proprietorship had the following assets and liabilities at the beginning and end of this year.

 

Assets

Liabilities

Beginning of the year

$ 70,000

$30,000

End of the year

115,000

46,000

Determine the net income earned or net loss incurred by the business during the year for each of the following separate cases:

a. Owner made no investments in the business and no withdrawals were made during the year.

b. Owner made no investments in the business but withdrew $1,250 cash per month for personal use.

c. Owner made no withdrawals during the year but did invest an additional $45,000 cash.

d. Owner withdrew $1,250 cash per month for personal use and invested an additional $25,000 cash.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 10:07 PM My Price 6.00

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