May 31, 2018 June 30, 2018

Total Assets $211,000 $209,000

Total Liabilities 133,000 99,000

Begin by identifying the accounting equation and the formula expressed by the statement of owner's equity (the "equity equation"): (Abbreviation used: Account. = Accounting.)

Account. equation:	=
Equity equation:	=

For each of the following situations with regard to owner's contributions and withdrawals of the business, compute the amount of net income or net loss during June 2018.

(Use a minus sign or parentheses for a netloss.)

a. The owner contributed $25,000 to the business and made no withdrawals.

Net income(loss)

= $

b. The owner made no contributions. The owner withdrew cash of $7,500.

Net income(loss)

= $

c. The owner made contributions of $35,000 and withdrew cash of $22,000.

Net income (loss)

= $