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of the Practice Quiz Accounting Equation The following are the total assets and liabilities at the beginning and end of the year for Jones Copying Service: Assets Liabi lities Beginning Year $105,000 $ 30,000 End of the Year $ 90,000 S 10,000 Determine the net income or loss for the year in each of the following situations: The owner made no investments in the business and no withdrawals were made during the year. b. The owner made an investment of $25,000 and a withdrawal of $15,000 was made during the year. of the Practice Quiz Accounting Equation The following are the total assets and liabilities at the beginning and end of the year for Jones Copying Service: Assets Liabi lities Beginning Year $105,000 $ 30,000 End of the Year $ 90,000 S 10,000 Determine the net income or loss for the year in each of the following situations: The owner made no investments in the business and no withdrawals were made during the year. b. The owner made an investment of $25,000 and a withdrawal of $15,000 was made during the year