A sole proprietorship had the following assets and liabilities at the beginning and end of this year

Beginning of the year     Assets: $119,500     Liabilities: $51,230

End of the year               Assets: $172,000     Liabilities: $69,660

a. Owner made no investments in the business and no withdrawals were made during the year

b. wner made no investments in the business but withdrew $650 cash per month for personal use

c. Owner made no withdrawals during the year but the owner did invest an additional $45,000 cash

d. Owner withdrew $650 cash per month for personal use and the owner invested an additional $35,000 cash

Determine net income or net loss for the business during the year for each of the above seperate cases: (decreases in equity should be indicated with a minus sign.)

 

	a.	b.	c.	d.
Beginning of the year—Equity
Owner investments
Withdrawals by owner
Net income (loss)
End of the year—Equity