A company had the following assets and liabilities at the beginning and end of a recent year.
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 $650 cash per month for personal use.
c. No withdrawals were made during the year but the owner invested an additional $45,000 cash.
d. Withdrew $650 cash per month for personal use and the owner invested an additional $25,000 cash.
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