Q1. Compute the missing amount for each of the following separate companies a th
ID: 2338099 • Letter: Q
Question
Q1. Compute the missing amount for each of the following separate companies a through d. (Losses and amounts to be deducted should be indicated with a minus sign.)
Q2.
A sole proprietorship had the following assets and liabilities at the beginning and end of this year.
Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.)
Q1. Compute the missing amount for each of the following separate companies a through d. (Losses and amounts to be deducted should be indicated with a minus sign.)
(a) (b) (c) (d) Equity, December 31, 2014 $0 $0 $0 $0 Owner investments during the year 96,500 88,368 206,183 Owner withdrawals during the year (50,000) (11,000) (56,000) Net income (loss) for the year 92,500 45,545 (3,000) Equity, December 31, 2015 $98,500 $95,545 $106,183Q2.
A sole proprietorship had the following assets and liabilities at the beginning and end of this year.
Assets Liabilities Beginning of the year $ 101,000 $ 43,299 End of the year 150,000 60,750
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 $1,050 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 $1,050 cash per month for personal use and invested an additional $25,000 cash
Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.)
a. b. c. d. Beginning of the year—Equity Owner investments Withdrawals by owner Net income (loss) End of the year—EquityExplanation / Answer
Q1.
Q2.
a. b. c. d. Equity, December 31, 2014 $ 0 $ 0 $ 0 $ 0 Owner investments during the year 96,500 100,000 88,368 206,183 Owner withdrawals during the year - 90,500 - 50,000 - 11,000 - 56,000 Net income ( loss) for the year 92,500 45,545 -3,000 - 44,000 Equity, December 31, 2015 $ 98,500 $ 95,545 $ 74,368 $ 106,183Related Questions
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