Video Company, a sole proprietorship, had the following information for 2020: Instructions Calculate the net income for
Question:
Video Company, a sole proprietorship, had the following information for 2020:
Instructions
Calculate the net income for 2020.
Transcribed Image Text:
Total assets, December 31 Cash balance, December 31 Accounts receivable, December 31 Merchandise taken for personal use Total liabilities, December 31 Cash balance, January 1 Accounts receivable, January 1 Collections from customers during year Capital account balance, January 1 Total assets, January 1 Cash investment by sole proprietor, July 1 $ 23,000 $101,000 20,000 200,000 36,000 38,000 75,000 11,000 5,000
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Jan 1 2020 Dec 31 2020 Change Cash 23000 20000 3000 Accounts receivable 19000 36000 17000 Ot...View the full answer
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Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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