A sole proprietorship had the following assets and liabilities at the beginning and end of...
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A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $ 60,000 105,000 Liabilities $ 20,000 36,000 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business but withdrew $1,250 cash per month for personal use. c. Owner made no withdrawals during the year but did invest an additional $55,000 cash. d. Owner withdrew $1,250 cash per month for personal use and invested an additional $35,000 cash. Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.) a. b. C. d. $ CA 0 $ 0 $ 55,000 35,000 Beginning of the yearEquity Owner investments Withdrawals by owner Net income (loss) End of the year-Equity CA 0 $ 0 $ 0
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