The total assets and liabilities at the beginning and end of the year for Tulane Company, a sole proprietorship, are as follows: Assets Liabilities Beginning of the year $7,000 $3,000 End of the year 10,000 5,000 Question: Assuming Tulane received an investment of $1,000 in the business and the owner withdrew $2,200, net income for the year is: $3,800 $2,200 $6,200 ($200) Question 10 2 pts Spartan Manufacturing reported the following amounts: Total assets June 1 $750,000 600,000 June 30 $930,000 640,000 Total liabilities Question: During the month, the owners withdrew $50,000 in cash from the business. There were no additional investments by the owners. What is Spartan's net income for the month? $140,000 $240,000 $190,000 It cannot be determined without additional information