Let's assume the balance of owner's equity at the beginning of the year and the end...
Let's assume the balance of owner's equity at the beginning of the year and the end of the year was $40,000 and $63,000, respectively. The company received no new contributions during the year. Owner's withdrawals were $20,000. What was the net income or loss for the year?
Homework Answers
| Ending owner's equity | 63000 |
| (-) Beginning owner's equity | 40000 |
| (+) Owner's withdrawals | 20000 |
| Net income (loss) | 43000 |
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