At the beginning of the period, assets were $200,000 and liabilities were $120,000. At the end...
At the beginning of the period, assets were $200,000 and liabilities were $120,000. At the end of the period, assets were $300,000 and liabilities were $160,000. During the period, the owner withdrew $10,000 for personal use and made additional investments of $50,000. The amount of net income or net loss for the period was...?
A. Net income of $20,000
B. Net income of $40,000
C. Net income of $60,000
D. Net income of $20,000
E. Net loss of $40,000
Homework Answers
Total Assets Beginning of the year = 200,000
Total Assets Ending of the year = 300,0000
Increase in Total Assets =300000-200000 = 100,000
Increase in Liabilites = 120,000-160,000 =40,000
Increase in owners Equity = 100,000-40,000 =60,000
Must be increase inonwers Equity = 60,000
Net income =
60,000= Net income -With draw +investmnet
60000 =Net inocme -10,000+50,000
= 60,000-40,000 = $20,000
Answer = Net income of $20,000
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