For the following independent situations, determine the amount of net income or net loss.
a)Revenues for the year were $200,000 and expenses were $103,000. The owner withdrew $40,000 for personal use and made an additional investment of $30,000 during the year.
b)Revenues for the year were $249,000 and expenses were $136,000. The owner withdrew $55,000 for personal use and made no additional investments.
c)Revenues for the year were $154,000 and expenses were $189,000. The owner made an additional investment of $90,000 and withdrew $67,000 for personal use.
d)Revenues for the year were $150,000 and expenses were $101,000. The owner made no withdrawals during the year but invested $20,000 cash during the year into the business.

Question

Quizplus · Accepted Answer

The Answer of For the following independent situations, determine the amount of net income or net loss.
a)Revenues for the year were $200,000 and expenses were $103,000. The owner withdrew $40,000 for personal use and made an additional investment of $30,000 during the year.
b)Revenues for the year were $249,000 and expenses were $136,000. The owner withdrew $55,000 for personal use and made no additional investments.
c)Revenues for the year were $154,000 and expenses were $189,000. The owner made an additional investment of $90,000 and withdrew $67,000 for personal use.
d)Revenues for the year were $150,000 and expenses were $101,000. The owner made no withdrawals during the year but invested $20,000 cash during the year into the business.

For the Following Independent Situations, Determine the Amount of Net