im having trouble w/ this excercise for my acctg homework:
"Four different proprietorships, M, N, O and P, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner's equity, are summarized as follows:
Total Assets:
Beginning of the Year: $ 750,000
End of the Year: $1,200,000
Total Liabilities:
Beginning of the Year: $300,000
End of the Year: $650,000
On the basis of the above data and the following additional info for the year, determine the net income(or loss) of each company for the year. (hint: 1st determine the amount of increase or decrease in owner's equity during the year.)
Company M: owner made no additional investments in the buisness and no withdrawls
Company N: owner made no additional investments in the business, but had withdrawn $60,000
Company O: owner made additional investment of $150,000 but had made no withdrawls
Company P: owner made additional investment of $150,000 and had withdrawn $60,000."
help?
2007-02-26
05:07:37
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1 answers
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Anonymous