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A business had the following amounts of assets and liabilities at the beginning and end of a recent year: Beginning of the year Assets


A business had the following amounts of assets and liabilities at the beginning and end of a recent year: Beginning of the year Assets Liabilities $103,500 $49,000 139,000 74,500 End of the year 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.

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