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Blue Spruce Video Company, a sole proprietorship, had the following information for 2023: Cash balance, January 1 $21,000 Total assets, December 31 $95,000 Accounts receivable, January 1 17,000 Cash balance, December 31 18,000 Collections from customers during year 202,000 Accounts receivable, December 31 34,000 Capital account balance, January 1 38,000 Merchandise taken for personal use 13,000 Total assets, January 1 66,000 Total liabilities, December 31 41,000 Cash investment by sole proprietor, July 1 4,000 Calculate the net income for 2023. Net income LA

Blue Spruce Video Company, a sole proprietorship, had the following information for 2023: Cash balance, January 1 $21,000 Total assets, December 31 $95,000 Accounts receivable, January 1 17,000 Cash balance, December 31 18,000 Collections from customers during year 202,000 Accounts receivable, December 31 34,000 Capital account balance, January 1 38,000 Merchandise taken for personal use 13,000 Total assets, January 1 66,000 Total liabilities, December 31 41,000 Cash investment by sole proprietor, July 1 4,000 Calculate the net income for 2023. Net income LA

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Blue Spruce Video Company, a sole proprietorship, had the following information for 2023: Cash balance, January 1 $21,000 Total assets, December 31 $95,000 Accounts receivable, January 1 17,000 Cash balance, December 31 18,000 Collections from customers during year 202,000 Accounts receivable, December 31 34,000 Capital account balance, January 1 38,000 Merchandise taken for personal use 13,000 Total assets, January 1 66,000 Total liabilities, December 31 41,000 Cash investment by sole proprietor, July 1 4,000 Calculate the net income for 2023. Net income LA
Transcribed Image Text:Blue Spruce Video Company, a sole proprietorship, had the following information for 2023: Cash balance, January 1 $21,000 Total assets, December 31 $95,000 Accounts receivable, January 1 17,000 Cash balance, December 31 18,000 Collections from customers during year 202,000 Accounts receivable, December 31 34,000 Capital account balance, January 1 38,000 Merchandise taken for personal use 13,000 Total assets, January 1 66,000 Total liabilities, December 31 41,000 Cash investment by sole proprietor, July 1 4,000 Calculate the net income for 2023. Net income LA
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