Videohound Video Company, a sole proprietorship, had the following information for 2023: Instructions Calculate the net income
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Videohound Video Company, a sole proprietorship, had the following information for 2023:
InstructionsCalculate the net income for 2023.
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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 19,000 200,000 38,000 75,000 5,000 Total assets, December 31 Cash balance, December 31 Accounts receivable, December 31 Merchandise taken for personal use Total liabilities, December 31 $101,000 20,000 36,000 11,000 41,000
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Related Book For
Intermediate Accounting Volume 1
ISBN: 9781119740469
13th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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