The total assets and the total liabilities of a business at the beginning and at the end of the year appear below. During the year, the owner had withdrawn $55,000 for personal use and had made an additional investment of $33,000 in the business.
Calculate the net income for the year.

Question

The total assets and the total liabilities of a business at the beginning and at the end of the year appear below. During the year, the owner had withdrawn $55,000 for personal use and had made an additional investment of $33,000 in the business.
  Calculate the net income for the year.

Quizplus · Accepted Answer

The Answer of The total assets and the total liabilities of a business at the beginning and at the end of the year appear below. During the year, the owner had withdrawn $55,000 for personal use and had made an additional investment of $33,000 in the business.
  Calculate the net income for the year.

The Total Assets and the Total Liabilities of a Business