Determine net income or net loss for the business

Assignment Help Accounting Basics
Reference no: EM132946668

Problem - A sole proprietorship had the following assets and liabilities at the beginning and end of this year.

 

Assets

Liabilities

Beginning of the year

$65,000

$27,866

End of the year

122,000

49,410

a. Owner made no investments in the business, and no withdrawals were made during the year.

b. Owner made no investments in the business, but withdrew $1,300 cash per month for personal use.

c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash.

d. Owner withdrew $1,300 cash per month for personal use, and the owner invested an additional $35,000 cash.

Required - Determine net income or net loss for the business during the year for each of the above separate cases.

Reference no: EM132946668

Questions Cloud

What is meant by new product development process : What is meant by new product development process and how it is connected with product marketing.
Determine the projects rate of return : Determine the projects rate of return. The project will have $400,000 cash inflows per year in years 1-5; $200,000 cash inflows in years 6-10, and $40,000 cash
Explain how organisational structure impacts : Scenario Two - Explain how organisational structure impacts organisational culture Within health and social care provision, different services integrate and for
Summarize the instrument design decisions : Summarize the instrument design decisions that would result in decreased participant rapport.
Determine net income or net loss for the business : Owner made no investments in the business, but withdrew $1,300 cash per month for personal use. Determine net income or net loss for the business
What are examples of orientation experiences : What are examples of orientation experiences you have had as a new hire that have been particularly effective (or ineffective) in helping to make the person/job
Which photocopier should the company purchase and why : If the company's required rate of return is 8%, determine the equivalent annual cost of each machine. Which photocopier should the company purchase and why?
Logistics freight forwarding-within supply chain management : 1.What is the difference between logistics freight forwarding and within supply chain management? Provide an example.
Determine the present value of the incremental tax shields : Determine the present value of the incremental tax shields generated. A company purchases equipment to be used in business operations for $250,000.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd