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How much did the owner contribute

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Reference no: EM132463924

Beginning of Year:

Assets = $27,000

Liabilities = $17,000

End of Year:

Assets = $61,000

Liabilities = $27,000

Question 1) If net income is $1,200 and owner withdrawals are $5,500, how much did the owner contribute (owner, capital)?

Question 2) If the owner contributes $17,100 and net income is $18,700, how much did the owner withdraw (owner, withdrawals)?

Reference no: EM132463924

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