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A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year
A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $142,000 195,500 Liabilities $60,875 79,178 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but withdrew $900 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 $900 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 separate cases: (Decreases in equity should be indicated with a minus sign.) a. b. C. d. $ 0 % 0 % 0 Beginning of the year-Equity Owner investments Withdrawals by owner Net income (loss) End of the year-Equity $ os o$
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