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

Ritoug Kelenjibashian · Accepted Answer

Final Answer : (a)$35,800 net income  ($71,300 ? $35,500)(b)$45,500 net income  ($220,500 ? $175,000)(c)$23,000 net loss  ($149,000 ? $172,000)(d)$23,950 net income  ($198,150 ? $174,200)

Definitions

Learning Objectives

Learning Objectives

Related questions