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Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and...

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Accounting

Exercise 2-24 (Algo) Computing net income LO P1

A company had the following assets and liabilities at the beginning and end of this year.

Assets Liabilities
Beginning of the year $ 102,000 $ 43,727
End of the year 151,500 61,358
  1. Owner made no investments in the business, and no withdrawals were made during the year.
  2. Owner made no investments in the business, but did withdraw $17,400 during the year.
  3. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash.
  4. Owner withdrew $17,400 during the year, but the owner did invest an additional $35,000 cash near year-end.

Determine net income or net loss for the business during the year for each of the above separate cases:

Note: Decreases in equity should be indicated with a minus sign.

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