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I really want to know the answer I get wrong. Could you help me? Thanks a lot! Return to question A sole proprietorship had the
I really want to know the answer I get wrong. Could you help me? Thanks a lot!
Return to question 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 $ 105, 500 160,000 Liabilities $ 45, 228 64, 800 a. Owner made no Investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but withdrew $800 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did Invest an additional $45,000 cash. d. Owner withdrew $800 cash per month for personal use, and the owner invested an additional $35,000 cash. Determine net income or net loss for the business during the year for each of the above separate cases (Decreases in equity should be indicated with a minus sign.) Answer is complete but not entirely correct. a. b. C. d. Beginning of the year-Equity S 105,500 $ 105,500 $ 105,500 S 105,500 RU Return to question a. Owner made no Investments in the business, and no withdrawals were made during the year. b. Owner made no Investments in the business, but withdrew $800 cash per month for personal use C. Owner made no withdrawals during the year, but the owner clid Invest an additional $45,000 cash d. Owner withdrew $800 cash per month for personal use, and the owner invested an additional $35,000 cash. Determine net income or net loss for the business during the year for each of the above separate cases. (Decreases in equity should be indicated with a minus sign.) Answer is complete but not entirely correct. a. b. c. d. Beginning of the year-Equity $ $ 105,500 IS 105,500 $ 105,500 105,500 0 Owner investments 0v 45,000 35,000 0V 9,600 X 0 9,600X Withdrawals by owner Net income (loss) End of the year-Equity 0 x 64.100 9,500 X 79,900 $ 160,000 $ 160,000 S 160.000 $ 160,000Step by Step Solution
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