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2 years ago

If the owner contributes $19,400 and net income is $15,900, how much did the owner withdraw (owner, withdrawals)

Business

1 answer:

NeX [460]2 years ago

3 0

Answer:

The owner withdrew $8,300

Explanation:

As per given Data

_______________ Assets ____Liabilities

Beginning of Year: $25,000 ___$17,000

End of Year: _____$62,000 ___$27,000

First, we need to the Beginning and Ending Equity value using following formula

Equity = Assets - Liabilities

Beginning Equity = Beginning Assets - Beginning Liabilities

placing values in the formula

Beginning Equity = $25,000 - $17,000 = $8,000

Ending Equity = Ending Assets - Ending Liabilities

placing values in the formula

Beginning Equity = $62,000 - $27,000 = $35,000

Now use the following formula to calculate the amount of drawing

Ending Equity = Beginning Equity + Contribution + Net Income - Owner withdrawal

Placing values in the formula

$35,000 = $8,000 + $19,400 + $15,900 - Owner withdrawal

$35,000 = $43,300 - Owner withdrawal

Owner withdrawal = $43,300 - $35,000

Owner withdrawal = $8,300

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Answer:

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a. The effect of the promotion on operating income for the second week of February is an increase by $350.

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Explanation:

a) Data and Calculations:

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3 years ago

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Answer:

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Explanation:

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3 years ago

If the windshield division is operating at full capacity, what transfer price should be used on transfers between the windshield

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Learn more about windshields brainly.com/question/15532277

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2 years ago

The market size and market growth rates in the foreign market can be influenced negatively by:______.A. population sizes, income

Nikitich [7]

Answer:

A. population sizes, income levels and cultural influences, the current state of the infrastructure and distribution and retail networks available.

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3 years ago

Assume that Sandhill Co. uses a periodic inventory system and has these account balances: Purchases $420,800; Purchase Returns a

ivolga24 [154]

Answer:

Cost of goods Sold = $384,000

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Cost of goods sold = Opening Inventory + Net Purchase - Closing Inventory

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Net Purchases = Purchase - Purchase Return - Discounts + Freight in

Freight in forms part of cost of purchase because without this expense inventory cannot be bought in.

Net Purchases = $420,800 - $11,900 - $8,100 + $17,700 = $418,500

Cost of goods Sold = $58,100 + $418,500 - $92,600 = $384,000

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= $643,000 - $384,000 = $259,000.

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3 years ago