Four different proprietorships, Jupiter, Mars, Saturn, and Venus, show the same balance sheet data at the beginning

Question:

Four different proprietorships, Jupiter, Mars, Saturn, and Venus, show the same data at the beginning and end of a year. These data, exclusive of the amount of owner's equity, are summarized as follows:
Total Assets Total Liabilities
Beginning of the year......................$550,000............$215,000
End of the year...............................844,000............$320,000
On the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year. (First determine the amount of increase or decrease in owner's equity during the year.)
Jupiter: The owner had made no additional investments in the business and had made no withdrawals from the business.
Mars: The owner had made no additional investments in the business but had withdrawn $36,000.
Saturn: The owner had made an additional investment of $60,000 but had made no withdrawals.
Venus: The owner had made an additional investment of $60,000 and had withdrawn $36,000.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...