Question
Shep Companys records show the following information for the current year. Beginning of year End of year Total assets $ 51,600 $ 82,000 Total liabilities
Shep Companys records show the following information for the current year.
Beginning of year | End of year | |
---|---|---|
Total assets | $ 51,600 | $ 82,000 |
Total liabilities | $ 22,800 | $ 35,800 |
Determine net income (loss) for each of the following separate situations. (For all requirements, losses should be entered with a minus sign.) a. Additional owner investments of $3,800 were contributed, and withdrawals of $7,800 were made during the current year. b. Additional owner investments of $15,200 were contributed, and no withdrawals were made during the current year. c. No additional owner investments were contributed, and withdrawals of $12,800 were made during the current year.
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