Net Income and Owner's Equity for Four Businesses

Four different proprietorships, Aries, Gemini, Leo, and Pisces, 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	$113,900		$45,600
End of the year	$182,200		$76,500

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.)

Aries	The owner had made no additional investments in the business and had made no withdrawals from the business.
Gemini	The owner had made no additional investments in the business but had withdrawn $7,500.
Leo	The owner had made an additional investment of $18,800 but had made no withdrawals.
Pisces	The owner had made an additional investment of $23,300 and had withdrawn $7,500.

Enter all amounts as positive numbers.

Aries	Net Income	$
Gemini	Net Income	$
Leo	Net Income	$
Pisces	Net Income	$