Assets of Practice Quiz Accounting Equation The following are the total assets and liabilities at the beginning and end of the year for Jones Copying Service: Liabi lities Beginning the Year $105,000 $ 30,000 End of the Year $ 90,000 10,000 Determine the net income or loss for the year in each of the following situations: The owner made no investments in the business and no withdrawals were made during the year. b. The owner made an investment of $25,000 and a withdrawal of $15,000 was made during the year. a