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Net income and owner's equity for four businesses Four different proprietorships, Amber, Blue, Coral, and Daffodil, have the same balance sheet data at the beginning
Net income and owner's equity for four businesses Four different proprietorships, Amber, Blue, Coral, and Daffodil, have the same balance sheet data at the beginning and end of a year as follows: Total Assets Total Liabilities Beginning of the year $113,700 $45,500 End of the year $181,900 $76,400 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.) Amber: No additional owner investments and no owner withdrawals were made. Blue: No additional owner investments, but the owner withdrew $7,800. Coral: The owner invested an additional $24,200 in the
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