Question: Merit Logistics' balance sheet data are shown below. __________________January 1, 2014December 31, 2014 Total assets .................$300,000 ................................$420,000 Total liabilities.............. 260,000 ..................................340,000 Required 1. Compute the
Merit Logistics' balance sheet data are shown below.
__________________January 1, 2014December 31, 2014
Total assets .................$300,000 ................................$420,000
Total liabilities.............. 260,000 ..................................340,000
Required
1. Compute the amount of net income or net loss for the company during the year ended December 31, 2014, if the owner invested $50,000 in the business and withdrew $30,000 during the year. Show all calculations.
2. Prepare the statement of owner's equity for Sandy Merit, the owner of Merit Logistics, for the year ended December 31, 2014.
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1 January 1 2014 December 31 2014 Total assets 300000 420000 Total liabilities 260000 ... View full answer
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