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Shep Companys records show the following information for the current year. Beginning of year End of year Total assets $ 50,000 $ 80,000 Total liabilities
Shep Companys records show the following information for the current year. Beginning of year End of year Total assets $ 50,000 $ 80,000 Total liabilities $ 22,000 $ 35,000 Determine net income (loss) for each of the following separate situations. Note: For all requirements, losses should be entered with a minus sign. Additional owner investments of $3,000 were contributed, and withdrawals of $7,000 were made during the current year. Additional owner investments of $15,000 were contributed, and no withdrawals were made during the current year. No additional owner investments were contributed, and withdrawals of $12,000 were made during the current year
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