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Homework: Week One: Chapter 1: Exercises Score: 0.4 of 1 pt 5 of 6 (5 complete) HW Sco E1-21 (similar to) Amoco Car Rentals' balance sheet data at May 31, 2016, and June 30, 2016, follow (Click the 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 2016 a. The owner contributed $10,000 to the business and made no withdrawals b. The owner made no contributions. The owner withdrew cash of $7,500 c. The owner made contributions of $12.000 and withdrew cash of $15.000 Begin by identifying the accounting equation and the formula expressed by the statement of owner's equity (the equity equation") (Abbreviation used. Account Accounting.) Account equation: - Assets - Liabilities - Equity Equity equation - Capital, Beginning + Onner contribution + Net income or - Net loss. Owner withdrawal = Capital, Ending 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 2016. (Use a minus sign or parenthese a. The owner contributed $10,000 to the business and made no withdrawals. Data Table Net income (loss) - $0 Total assets Total Sabates May 31, 2016 $ 144,000 5 133.000 June 30, 2016 202.000 166 000 Enter your answer in the answer box and then click Check Answer parts remaining Clear