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A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the
A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $71,500 Liabilities $30,652 121,500 49,208 Determine the net profit earned or net loss incurred by the business during the year for each of the following separate cases (Omit the "$" sign in your response): Only in this question, Net loss amounts should be indicated by a minus sign. a. Owner made no investments in the business and no withdrawals were made during the year. (Click to select) Owner made no investments in the business but withdrew $1,150 cash per month for personal use (Click to select) c. Owner made no withdrawals during the year but did invest an additional $45,000 cash. (Click to select) d. Owner withdrew $1,150 cash per month for personal use and invested an additional $25,000 cash. (Click to select)
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