Following Are the Total Assets and Liabilities at the Beginning

question 29

Essay

Following are the total assets and liabilities at the beginning and end of the year for Maren Company:
$\begin{array}{|l|r|r|}\hline &{\text { Assets }} & {\text { Liabilities }} \\\hline \text { Beginning of the year } & \$ 70,000 & \$ 45,000 \\\hline \text { End of the year } & 108,000 & 40,000 \\\hline\end{array}$ Determine the net income or loss for the year in each of the following situations:
a. The owner made no investments in the business and no withdrawals were made during the year.
b. The owner made an investment of $20,000 and withdrew $12,000 during the year.

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Definitions:

Unshared Environment

The unique environmental factors that contribute to differences among siblings, not shared within a family.

Adoptive Parents

The individuals who legally adopt and raise a child not biologically their own.

Big Five

A theory in psychology that identifies five main personality traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism, used to describe human personality.

Correlated

When two or more variables have a mutual relationship or connection, where changes in one variable reflect changes in another.