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Following Are the Total Assets and Liabilities at the Beginning

Question 37

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Following are the total assets and liabilities at the beginning and end of the year for Hagedorn Company:
Following are the total assets and liabilities at the beginning and end of the year for Hagedorn Company: Determine the net income or loss for the year in each of the following situations: a.The owner made no investments in the business and no withdrawals were made during the year. b.The owner made an investment of $20,000 and withdrew $12,000 during the year. Determine the net income or loss for the year in each of the following situations:
a.The owner made no investments in the business and no withdrawals were made during the year.
b.The owner made an investment of $20,000 and withdrew $12,000 during the year.

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a.[($108,000 - $40,000)- ($70,...

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