Sheet data at the beginning and end of a year. These data, exclusive of the amount of owner’s equity, are summarized as follows:
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. (Hint: First, determine the amount of increase or decrease in owner’s equity during the year.) 

Dakota: The owner had made no additional investments in the business and had made no withdrawals from the business.
Jersey: The owner had made no additional investments in the business but had withdrawn $40,000.
Carolina: The owner had made an additional investment of $66,000 but had made no withdrawals.
Iowa: The owner had made an additional investment of $66,000 and had withdrawn $40,000.

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Total Assets Total Liabilities Beginning of the year End of the year $605,000 $237,000 928,000 352,000