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Amoco Car RentalsAmocoCarRentals'balance sheet data at May 31,20142014,and June 30,20142014,follow: LOADING...(Clickthe icon to view the balance sheet data.)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 20142014.a. The owner contributed $ 7 comma 500$7,500in the business and made no withdrawals.b. The owner made no contributions. The owner withdrew cash of $ 5 comma 000$5,000.c. The company owner made contributions of $ 18 comma 000$18,000and withdrew cash of $ 25 comma 000$25,000.Begin by identifying the accounting equation and the formula expressed by the statement of owner's equity (the "equity equation"):(Abbreviation used: Account. = Accounting.)

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Account. equation:	=	Assets = Liabilities + Equity
Equity equation:	=	Beginning equity + Owner contributions + Net income or - Net loss - Owner withdrawals = Ending equity

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 20142014. (Use a minus sign or parentheses for a net loss.)a. The owner contributed $ 7 comma 500$7,500in the business and made no withdrawals. Net income (loss) = $Your answer is not correct. The correct answer is 41,500. You answered plus.41,500b. The owner made no contributions. The owner withdrew cash of $ 5 comma 000$5,000.Net income (loss) = $Your answer is not correct. The correct answer is 54,000. You answered 0.54,000c. The company owner made contributions of $ 18 comma 000$18,000and withdrew cash of $ 25 comma 000$25,000.Net income (loss) = $

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	May 31, 2014	June 30, 2014
Total assets	$144,000	$227,000
Total liabilities	99,000	133,000

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