Wizco Advertising’s balance sheet data at May 31, 2024, and June 30, 2024, follow:

For each of the following situations that occurred in June 2024 with regard to owner contributions and owner withdrawals, compute the amount of net income or net loss during June 2024.
a. The owner contributed $10,000 to the business and made no withdrawals.
b. The owner made no contributions. The owner withdrew cash of $3,000.
c. The owner made contributions of $12,500 and withdrew cash of $30,000.

Transcribed Image Text:

Total Assets Total Liabilities May 31, 2024 $ 122,000 66,000 June 30, 2024 $ 287,000 144,000