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Shep Company’s records show the following information for the current year.


Beginning of year End of year
Total assets $ 53,600 $ 84,500
Total liabilities $ 23,800 $ 36,800

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 $4,800 were contributed, and withdrawals of $8,800 were made during the current year.
b. Additional owner investments of $15,450 were contributed, and no withdrawals were made during the current year.
c. No additional owner investments were contributed, and withdrawals of $13,800 were made during the current year.

Respuesta :

abiolataiwo2015

The  net income (loss) for each of the separate situations is:

Net income loss= $21,900

Net income loss= $2,450

Net income loss = $31,700

Net income loss

First step

Total assets $84,500-$ 53,600=$30,900

Total liabilities $36,800-$23,800=$13,000

Difference=$30,900-$13,000

Difference=$17,900

Second step

a. Net income loss

Net income loss=$17,900-$4,800+$8,800

Net income loss= $21,900

b. Net income loss

Net income loss=$17,900 + $0 - $15,450

Net income loss= $2,450

c.  Net income loss

Net income loss=$17,900 - $0 + $13,800

Net income loss = $31,700


Therefore the  net income (loss) for each of the separate situations is: Net income loss is $21,900, Net income loss is $2,450, Net income loss is $31,700.

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