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Question - Guji Company had the following amounts of assets and liabilities at the beginning and end of last year:
Assets
Liabilities
Beginning of the year
Br.75,000
Br. 30,000
End of the year
120,000
46,000
Determine the net income or net loss of Guji for the year under each of the following unrelated assumptions:
a) Owner made no additional investment and withdrew no amount during the year.
b) Owner made no additional investment but withdrew Br.17,500 to pay for her personal expenses.
c) Owner withdrew no amount during the year but made additional investment of Br. 32,500 cash.
d) Owner withdrew Br.17,500 and invested Br.25,000 cash during the year.
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