Lim Began Business on January 1, 2008, with an Investment

question 31

Essay

Lim began business on January 1, 2008, with an investment of $100,000.
Instructions
From an analysis of the change in owner's equity during the year, compute the net income (or
loss) for:
(a) 2008, assuming Lim's drawings were $25,000 for the year.
(b) 2009, assuming Lim made an additional investment of $60,000 and had no drawings in
2009.
(c) 2010, assuming Lim made an additional investment of $15,000 and had drawings of
$40,000 in 2010.

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Definitions:

Assessment

A systematic evaluation or analysis of a condition, situation, or education achievement to make informed decisions.

Emergency Assessment

The initial evaluation and management of a patient in a critical condition, aiming to stabilize their vital functions.

Shift Change

The process in workplaces, especially in healthcare, where employees transition between coming on duty and leaving duty at different times.

Clustering Data

The process of grouping a set of objects in such a way that objects in the same group are more similar to each other than to those in other groups.