Accounting equation; analysis of owner’s equity. Sports car Repair revealed the following financial data on January 1 and December 31 of the current year. Assets Liabilities January 1 $45,000 $20,000 December 31 49,000 31,000
- Compute the change in owner’s equity during the year by using the accounting equation.
- Assume that there were no owner investments or withdrawals during the year. What is the probable cause of the change in owner’s equity from part (a)?
- Assume that there were no owner investments during the year. If the owner withdrew $17,000, determine and compute the company’s net income or net loss. Be sure to label your answer.
- If owner investments and withdrawals amounted to $13,000 and $2,000, respectively, determine whether the company operated profitably during the year. Show appropriate calculations.
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