What was the amount of net income for the year, Accounting Basics

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What was the amount of net income for the year

The total assets and the total liabilities of a business at the beginning and at the end of the year appear below. During the year, the owner had withdrawn $60,000 for personal use and had made an additional investment of $45,000 in the business.

Assets Liabilities
Beginning of year $305,000 $200,000
End of year 365,000 230,000

what was the amount of net income for the year ?

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Accounting Basics: What was the amount of net income for the year

Reference No:- TGS070417

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Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: What was the amount of net income for the year

Reference No:- TGS070417

Recent Questions Asked Accounting Basics

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