For the Following Independent Situations, Determine the Amount of Net

question 118

Essay

For the following independent situations, determine the amount of net income or net loss.
a)Revenues for the year were $200,000 and expenses were $103,000. The owner withdrew $40,000 for personal use and made an additional investment of $30,000 during the year.
b)Revenues for the year were $249,000 and expenses were $136,000. The owner withdrew $55,000 for personal use and made no additional investments.
c)Revenues for the year were $154,000 and expenses were $189,000. The owner made an additional investment of $90,000 and withdrew $67,000 for personal use.
d)Revenues for the year were $150,000 and expenses were $101,000. The owner made no withdrawals during the year but invested $20,000 cash during the year into the business.

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Definitions:

Cooperation

The process of working together towards the same end, involving mutual benefit and shared goals.

Collective Efficacy

The shared belief of a group in its conjoint capabilities to organize and execute the courses of action required to produce given levels of attainments.

Performance Strategy

refers to a plan of action aimed at enhancing the efficiency and effectiveness of an individual, team, or organization.

Ample Resources

refers to having a sufficient or generous amount of resources available, including financial, material, and human, to achieve desired goals or objectives.