Compute the amount of withdrawals

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Reference no: EM131881719

Question: 1. On January 1, 2012, total assets were $500 and total liabilities were $300. At December 31, 2012, total assets were $750 and total liabilities were $500. During the year the owner made withdrawals of $100. What was the net income or net loss for 2012?

2. On January 1, 2012, total assets were $700 and total liabilities were $600. At December 31, 2012, total assets were $800 and total liabilities were $500. During the year the owner made no new investments and had a net income of $500. Compute the amount of withdrawals.

Reference no: EM131881719

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