Question
Can you please help me. I am in Accounting I and the question is: Green City Builders' balance sheet data at May 31, 2016 and
Can you please help me. I am in Accounting I and the question is:
Green City Builders' balance sheet data at May 31, 2016 and June 30, 2016, follow:
For each of the following situations with regard to owners' contributions and withdrawals of the business, compute amount of net income or net loss during June 2016.
a. The owner contributd $7,500 to the business and made no withdrawals
b. The owner made no contributions. The owner withdrew cash of $ 13,000
c. The owner made contributions of $ 20,000 and withdrew cash of $ 18,000.
May 31, 2016
Total Assets $ 188,000 ... Total Liabilities $ 122,000
June 30, 2016 Total Assets $ 244,000 ... Total Liabilities $ 88,000
a. The owner contributed $ 75,000 to the business and made no withdrawals. Net income (loss) = __________
b. The owner made no contributions. The owner withdrew cash of $ 13,000. Net income (loss) = _________
c. The owner made contributions of $ 20,000 an withdrew cash of $ 18,000. Net income (loss) = ________
Account equation =
Equity equation =
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