Fossil Is famous for fashion wristwatches and leather goods. At the end of year 2016, Fossil's total assets added up to $100000, and liabilities of $40000. Total assets number has been increased to $128000 at the end of December 2017 with a decrease in liabilitles by $6000. During 2017, the owner invested S 20000 whereas his withdrawals were $40000. 

Calculate the net income/net loss during 2017.

Answer rating: 100% (QA)

1 Calculate the change in equity Owners investment in 2017 20000 Owners withdrawals ... View the full answer