Answer:
Jupiter | Net income | $189,000 |
Mars | Net income | $225,000 |
Saturn | Net income | $129,000 |
Venus | Net income | $165,000 |
Calculations:
I. increase in Owner's Equity:
Total assets | - | Total liabilities | = | Owner's Equity | |
Beginning of the year | $550,000 | - | $215,000 | = | $335,000 |
End of the year | $844,000 | - | $320,000 | = | $524,000 |
Increase in Owner's Equity | $189,000 |
II. Net income (loss):
Jupiter | Mars | Saturn | Venus | |
Increase in Owner's Equity | $189,000 | $189,000 | $189,000 | $189,000 |
Add: Withdrawals | $0 | $36,000 | $0 | $36,000 |
(Less): Additional investment | $0 | $0 | ($60,000) | ($60,000) |
Net income (loss) | $189,000 | $225,000 | $129,000 | $165,000 |
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