1. Business
  2. Accounting
  3. may 31 2018 june 30 2018 total assets 222000 231000...

Question: may 31 2018 june 30 2018 total assets 222000 231000...

Question details

May 31, 2018 June 30, 2018

Total Assets $222,000 $231,000

Total Liabilities 144,000 111,000

Begin by identifying the accounting equation and the formula expressed by the statement of​ owner's equity​ (the "equity​ equation"): ​(Abbreviation used: Account.​ = Accounting.)

Account. equation:

=

Assets = Liabilities + Equity

Equity equation:

=

For each of the following situations with regard to​ owner's contributions and withdrawals of the​ business, compute the amount of net income or net loss during June

20182018.

​(Use a minus sign or parentheses for a net​ loss.)

a. The owner contributed

$ 35 comma 000$35,000

to the business and made no withdrawals.

Net income (loss)

= $

b. The owner made no contributions. The owner withdrew cash of

$ 3 comma 000$3,000.

Net income (loss)

= $

c. The owner made contributions of

$ 9 comma 000$9,000

and withdrew cash of

$ 8 comma 000$8,000.

Net income (loss)

= $

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