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Revenues for the year totaled $162,000 and expenses totaled $174,000. The owner invested an additional $15,000 in the business and withdrew $6,000 cash for
Revenues for the year totaled $162,000 and expenses totaled $174,000. The owner invested an additional $15,000 in the business and withdrew $6,000 cash for personal use during the year. What was the net income or net loss for the year?
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ANSWER To calculate the net income or net loss for the year we need to subtract expenses from revenu...
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Fundamental Accounting Principles
Authors: Larson Kermit, Tilly Jensen
Volume I, 14th Canadian Edition
71051503, 978-1259066511, 1259066517, 978-0071051507
