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VARVARA [1.3K]
3 years ago
10

For the current accounting year, beginning and ending total liabilities were $15,000 and $31,000, respectively. At year-end, own

er's equity amounted to $29,000, and total assets were $21,000 larger than at the beginning of the year. If the owner's capital contributions for the year amounted to $5,000 and dividends paid to owners totaled $2,000, net income or net loss for the year was
Business
1 answer:
ivann1987 [24]3 years ago
4 0

Answer:

$8,000

Explanation:

<u>Changes during the year :</u>

Liabilities = $16,000 Increase ($31,000 - $15,000)

Assets = $21,000 Increase

<u>Accounting Equation states that :</u>

Assets = Equity + Liabilities

<u>Change in equity during the year will be :</u>

Equity = Assets - Liabilities

           = $5,000

<u>Causes of change in equity :</u>

Capital                         $5,000

Add Dividends           ($2,000)

Add Change                $5,000

Profit during the year  $8,000

therefore,

Net Income for the year was $8,000

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Question Completion:

Prepare an Income Statement for the month of June.

Answer:

Windsor, Inc.

Income Statement for the month ended June 30, 2017:

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Explanation:

Windsor, Inc. Income Statement is where the revenues and expenses are summarized in order to arrive at the net income or profit of the business.  Temporary accounts are closed to the income statement.  These are accounts that are periodic in nature.  They are not permanent accounts, which are transferred to the next period.  The only element of the income statement that is taken to the balance sheet is the net income or loss.

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4 years ago
Whats the best pump to bring drinking water from a depth of 20'​
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<em>If less than 25’, use a shallow well jet pump</em>

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The amount of production health and its marginal return will lead to higher in the countries which are developed.

Option B is the correct answer.

<h3>What is production?</h3>

Production is a process where an entity changes the raw materials into a saleable product through the use of machinery.

In developed countries, the production of health, that is, the relation between the inputs of health and the health of individuals and the marginal return on new production, means, additional returns would be both higher due to advancements in technology and infrastructure.

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