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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
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 $86,700 $34,700 End of the year $138,700 $58,300 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 Libra The owner had made no additional investments in the business but had withdrawn $6,200. Sagittarius The owner had made an additional investment of $12,400 but had made no withdrawals. Virgo The owner had made an additional investment of $22,300 and had withdrawn $5,700. Enter all amounts as positive numbers. Cancer Net Income $fill in the blank 2 80,400 Libra Net Income $fill in the blank 4 Sagittarius Net Income $fill in the blank 6 Virgo Net Income $fill in the blank 8
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