Reference no: EM132912636

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

Problem 1: 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.