eBookShow Me HowPrint Item Question Content Area Net Income and Owner's Equity for Four Businesses Four different proprietorships, Cancer, Libra, Sagittarius, and Virgo, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner's equity, are summarized as follows: Total Assets Total Liabilities Beginning of the year $104,900 $42,000 End of the year $167,800 $70,500 On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year. (Hint: First determine the amount of increase or decrease in owner's equity during the year.) Cancer The owner had made no additional investments in the business and had made no withdrawals from the business. Libra The owner had made no additional investments in the business but had withdrawn $6,500. Sagittarius The owner had made an additional investment of $24,100 but had made no withdrawals. Virgo The owner had made an additional investment of $19,500 and had withdrawn $7,900.