1. Net IncomeandOwner's Equityfor FourBusinesses
2. Four differentproprietorships, Cancer, Libra, Sagittarius, and Virgo, show the samebalance sheetdata at the beginning and end of a year. These data, exclusive of the amount of owner's equity, are summarized as follows:
3. Total AssetsTotal LiabilitiesBeginning of the year$65,700$26,300End of the year$105,100$44,100
4. On the basis of the above data and the following additional information for the year, determine the net income (orloss) of each company for the year.
5. (Hint: First determine the amount of increase or decrease in owner's equity during the year.)
6. CancerThe owner had made no additional investments in the business and had made no withdrawals from the business.LibraThe owner had made no additional investments in the business but had withdrawn $4,100.SagittariusThe owner had made an additional investment of $13,500 but had made no withdrawals.VirgoThe owner had made an additional investment of $9,400 and had withdrawn $3,900.
7. Enter all amounts as positive numbers.Cancer
9. $Libra
11. $Sagittarius
13. $Virgo
15. $