For each of the following situations with regard to owner's contributions and withdrawals of the business,...
For each of the following situations with regard to owner's contributions and withdrawals of the business, compute the amount of net income or net loss during June 2018. (Use a minus sign or parentheses for a net loss.)
a. The owner contributed $20,000 to the business and made no withdrawals.
Net income (loss) = $ _______
b. The owner made no contributions. The owner withdrew cash of $8,000.
Net income (loss) = $ _______
| May 31, 2018 | June 30, 2018 | |||
|---|---|---|---|---|
| Total Assets | $133,000 | $202,000 | ||
| Total Liabilities | 77,000 | 122,000 |
Homework Answers
a) Net Income = $4000
b) Net Income = $32000
Explanations:
Owner's Equity as at May 31,2018 = 133000 - 77000 = 56000
Owner's Equity as as at June 30,2018 = 202000 - 122000 = 80000
*Net Income = 80000 - 56000 - 20000 = 4000
*Net Income = 80000 - 56000 + 8000 = 32000
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