A business had the following amounts of assets and liabilities at the beginning and end of a recent year:

Determine the net income earned or net loss incurred by the business during the year under each of the following unrelated assumptions:
a. The owner made no additional investments in the business and withdrew no assets during the year.
b. The owner made no additional investments in the business during the year but withdrew $4,750 per month to pay personal living expenses.
c. The owner withdrew no assets during the year but invested an additional $80,000 cash.
d. The owner withdrew $3,500 per month to pay personal living expenses and invested an additional $75,000 cash in the business.