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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 $ 95,000 Liabilities $ 40,727 136,500 55,283 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) b. Owner made no investments in the business but withdrew $900 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 $900 cash per month for personal use and invested an additional $25,000 cash. (Click to select)
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