Question
A business had the following amounts of assets and liabilities at the beginning and end of a recent year: Beginning of the year End
A business had the following amounts of assets and liabilities at the beginning and end of a recent year: Beginning of the year End of the year Assets $ 81,000 124,000 Liabilities $34,000 52,000 Determine the profit 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 $4,950 per month to pay personal living expenses c. The owner withdrew no assets during the year but invested an additional $84,000 cash. d. The owner withdrew $3,900 per month to pay personal living expenses and invested an additional $79.000 cash in the business.
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