Assets and Liabilities for Stan's Garage at the Beginning and End

question 45

Essay

Assets and liabilities for Stan's Garage at the beginning and end of the current accounting period are as follows: $\begin{array} { l c c } & \text { January 1 } & \text { December 31 } \\ \text { Total assets } & \$ 450,000 & \$ 690,000 \\ \text { Total liabilities } & \$ 325,000 & \$ 440,000 \end{array}$

a) $\text {Determine net income or net loss for the current year. The owner did not invest any additional assets during the year and made no withdrawals.}$
b) $\text {Determine net income or net loss for the current year. The owner invested an additional \(\$ 100,000\) of assets into the business during the year and made no withdrawals.}$

---

Definitions:

Intestines

Part of the gastrointestinal tract that extends from the stomach to the anus, involved in nutrient absorption and waste processing.

Provider's Approval

Involves obtaining consent or authorization from a healthcare professional or service provider before proceeding with a treatment or service.

Bath

A method for cleaning or soaking the body in a fluid, typically water, for hygiene, relaxation, or therapeutic purposes.

Shower

A place or process in which an individual stands under a spray of water for the purpose of washing their body.