For each of the following, determine the amount of net income or net loss for the year.
(a)Revenues for the year totaled $71,300 and expenses totaled $35,500. The owner made an additional investment of $15,000 during the year.
(b)Revenues for the year totaled $220,500 and expenses totaled $175,000. The owner withdrew $40,000 during the year.
(c)Revenues for the year totaled $149,000 and expenses totaled $172,000. The owner invested an additional $12,000 and withdrew $16,000 during the year.
(d)Revenues for the year totaled $198,150 and expenses totaled $174,200. The owner withdrew $35,000 during the year.

Question

Quizplus · Accepted Answer

The Answer of For each of the following, determine the amount of net income or net loss for the year.
(a)Revenues for the year totaled $71,300 and expenses totaled $35,500. The owner made an additional investment of $15,000 during the year.
(b)Revenues for the year totaled $220,500 and expenses totaled $175,000. The owner withdrew $40,000 during the year.
(c)Revenues for the year totaled $149,000 and expenses totaled $172,000. The owner invested an additional $12,000 and withdrew $16,000 during the year.
(d)Revenues for the year totaled $198,150 and expenses totaled $174,200. The owner withdrew $35,000 during the year.

For Each of the Following, Determine the Amount of Net