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A sole proprietorship had the following assets and

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

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Determine the net income earned or net loss incurred by the business during the year for each of the following separate cases:
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 $35,000cash.

Reference no: EM13892541

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