For each of the following, determine the amount of net income or net loss for the year. (a) Revenues for the year totaled $88,500 and expenses totaled $40,500. The owner made an additional investment of $15,000 during the year. (b) Revenues for the year
totaled $175,000 and expenses totaled $220,500. The owner withdrew $40,000 during the year. (c) Revenues for the year totaled $109,000 and expenses totaled $46,000. The owner invested an additional $12,000 and withdrew $16,000 during the year. (d) Revenues for Konner Co totaled $223,800 and expenses totaled $221,300. Cash withdrawals of $35,000 were paid during the year.
(a) $48,000 net income ($88,500 - $40,500)
(b) $45,500 net loss ($175,000 - $220,500)
(c) $63,000 net income ($109,000 - $46,000)
(d) $2,500 net income ($223,800 - $221,300)
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Answer the following statement true (T) or false (F)
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What will be an ideal response?
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