Reference no: EM133005207
Question - Shep Company's records show the following information for the current year. Beginning of year: Total assets-$ 50,000 Total liabilities-$ 22,000
End of year: Total assets-$ 80,000 Total liabilities- $ 35,000
Determine net income (loss) for each of the following separate situations. (For all requirements, losses should be entered with a minus sign.)
a. Additional owner investments of $3,000 were contributed, and withdrawals of $7,000 were made during the current year.
b. Additional owner investments of $15,000 were contributed, and no withdrawals were made during the current year.
c. No additional owner investments were contributed, and withdrawals of $12,000 were made during the current year.
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