For Each of the Following, Determine the Amount of Net

question 11

Essay

For each of the following, determine the amount of net income or net loss for the year.
(a)Revenues for the year totaled $71,300 and expenses totaled $35,500. The owner made an additional investment of $15,000 during the year.
(b)Revenues for the year totaled $220,500 and expenses totaled $175,000. The owner withdrew $40,000 during the year.
(c)Revenues for the year totaled $149,000 and expenses totaled $172,000. The owner invested an additional $12,000 and withdrew $16,000 during the year.
(d)Revenues for the year totaled $198,150 and expenses totaled $174,200. The owner withdrew $35,000 during the year.

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Definitions:

Water Molecule

A molecule consisting of two hydrogen atoms and one oxygen atom, forming the basis of all known forms of life and many solvents.

Polar Covalent Bond

Covalent bond in which atoms do not share their electrons equally.

Young Adult

An individual in the stage of life following adolescence, typically ranging from 18 to 25 years old, focusing on personal and professional development.

Phospholipids

A type of lipid molecule that is a major component of the cell membrane, consisting of a phosphate group, a glycerol backbone, and two fatty acid tails.