A-1 Rentals' balance sheet data at May 31, 2009, and June 30, 2009, follow.

Requirements

Following are three situations about investments and withdrawals by the owner of the business during June. For each situation, compute the amount of net income or net loss during June 2009.

1. The owner invested \(\$ 2,000\) in the business and made no withdrawals.

2. The owner made no additional investments in the business but withdrew \(\$ 5,000\) for personal use.

3. The owner invested \(\$ 6,000\) in the business and withdrew \(\$ 10,000\) for personal use.

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Total assets Total liabilities May 31, 2009 $150,000 100,000 June 30, 2009 $195,000 130,000