with explanation

anuary 1, 2009, Affleck Company reported owner's equity of $470,000. During the the owner withdrew cash of $20,000. At December 31, 2009, the balance in owner's was $500,000. What amount of net income or net loss would the company report year, equity for 2009 a. Net income of $30,000 b. Net loss of $50,000 c. Net income of $10,000 d. Net income of $50,000 Ans:d So8 BrP Difficulty Medium TOT: 1.5 min. AACSB Refective Thinking AICPA BB. Critical Thinking AICPA FN Reporting Use the following information for questions 144-146 Stahl Consulting started the year with total assets of $20,000 and total liabilities of $5,000. During the year, the business recorded $16,000 in catering revenue made an additional investment of $3,000 and withdrew cash of $5,000 during the year 144. The owner's equity at the end of the year was s and $8,000 in expenses. Stahl a. $21,000 b. $18,000. c. $8,000 d. $2,000 Ans a soe BT AP Oifculty Medium TOT: 1.5 min. AACS8 Reflective Thinking AICPA BB Critical Thinking AICPA FN Reporting