Algonquin College

FIN 2309

our Mark (total correct percentage): 0% 1 Maryanne operates a bakery as a sole proprietorship. Last year, the bakery had sales of $220,000, expenses of $118,000 and Maryanne withdrew cash of $46,000 from the business bank account to meet her living expenses. What statement is true? Not Answered The correct answer: The bakery had a net profit of $102,000. 2 Cassandra runs an unincorporated, freelance desktop publishing business. In order to purchase a new computer system and sophisticated colour printer for her business, she took out a bank loan for $45,000. One year later, Cassandra was in a skiing accident and was unable to work for six months. Unfortunately, she did not have any disability insurance and she had insufficient capital within the business to make her bank loan payments. Which of the f