Business, 20.09.2020 15:01 Fm610899

Using the accounting equation Wizco Advertising’s balance sheet data at May 31, 2018, and June 30, 2018, follow: Learning Objective 3 May 31, 2018 June 30, 2018 Total Assets Total Liabilities $ 122,000 66,000 $ 287,000 144,000 For each of the following situations that occurred in June, 2018 with regard to owner’s contributions and withdrawals, compute the amount of net income or net loss during June 2018. a. The owner contributed $10,000 to the business and made no withdrawals.
b. The owner made no contributions. The owner withdrew cash of $3,000.
c. The owner made contributions of $12,500 and withdrew cash of $30,000.

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Using the accounting equation Wizco Advertising’s balance sheet data at May 31, 2018, and June 30, 2...

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