What was out net income or loss for the year

Assignment Help Financial Accounting

Reference no: EM131211216

On January 1, 2011 we started a new business by investing cash of $10,000 and equipment of $9,000. During the year we withdraw $2,000. When we prepare of Statement of Owners Equity we note a final balance of $21,000. Based on this information, what was out net income or loss for the year?

$4,000 net loss

$2,000 net income

$2,000 net loss

$4,000 net income

Reference no: EM131211216

Questions Cloud

Cost of leasehold improvements must be expensed annually : Pension and retirements cost of employees are examples of the cost that should follow Unicap rules. Gross income equals all income from all sources minus allowable deductions. Start-up costs exceeding $5,000 should be amortized over 15 years. Cost of..

Lower cost or market application to inventory : Which statement is true concerning the LCM (lower cost or market) application to inventory?

Net long term capital gain : In the current year, Norris, an individual, has $52,000 of ordinary income, a Net Short Term Capital Loss (NSTCL) of $9,800 and a Net Long Term Capital Gain (NLTCG) of $2,900. From his capital gains and losses, Norris reports:

Credit sale with our customer using a bank credit card : We make a credit sale with our customer using a bank credit card which allows for immediate payment to us. The sale was for $10,000 and carried a 2 percent fee. To record this sale we will:

What was out net income or loss for the year : On January 1, 2011 we started a new business by investing cash of $10,000 and equipment of $9,000. During the year we withdraw $2,000. When we prepare of Statement of Owners Equity we note a final balance of $21,000. Based on this information, what w..

How many liters were started and completed during the period : The Mountain Springs Water Company has two departments, purifying and bottling. The bottling department received 67,000 liters from the purifying department. During the period, the bottling department completed 65,000 liters, including 3,000 liters o..

What price per unit would have been charged to the customer : Jb 412 was one of the many jobs started and completed during the year. The job required $9,500 in direct materials and 35 hours of direct labor time at a total direct labor cost of $10,400. If the job contained four units and the company billed at 70..

Depreciation expense during first year-sole proprietorship : Bonnie Jo purchased a used computer (5-year property) for use in her sole proprietorship. The basis of the computer was $2,600. Bonnie Jo used the computer in her business 60 percent of the time and used it for personal purposes the rest of the time ..

Harrison received qualified dividend : Harrison received a qualified dividend. Without knowing any additional facts, which of the following statements is true regarding the rate at which the dividend will be taxed to Harrison?

User Account

All Pages