Exercise 2-15 Computing net income LO A1 A sole proprietorship had the following assets and llabilities at the beginning and end of this year. Assets Liabilities Beginning of the year $ 87,000 $37,297 End of the 131,500 53,258 year 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 $850 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 $850 cesh 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.) c. $ 49,703 $ 49,703 $ 49,703 $ 49.703 0 0 0 Beginning of the year- Equity Owner investments Withdrawals by owner Net income (loss) End of the year-Equity 0 S 78.242 $ 78,242 S 78,242 $ 78,242