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Category > Accounting Posted 04 May 2017 My Price 6.00

A business had the following amounts of assets and liabilities

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.

 

 

Answers

Alpha Geek
(8)
Status NEW Posted 04 May 2017 09:05 AM My Price 6.00

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file 1493891328-Answer.docx preview (162 words )
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