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Question(s) / Instruction(s):

A sole proprietorship had the following assets and liabilities at the beginning and end of this year.

                    Assets                 Liabilities

  Beginning of the year   $ 135,500             $ 58,089   

  End of the year               186,500                 75,533   

Determine the net income earned or net loss incurred by the business during the year for each of the following separate cases (Net loss amounts should be indicated by a minus sign. Omit the "$" sign in your response):

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 $550 cash per month for personal use.

c.             Owner made no withdrawals during the year but did invest an additional $45,000 cash.

d.            Owner withdrew $550 cash per month for personal use and invested an additional $25,000 cash.

 

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