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  1. business
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  3. ex 1-15 net income and owners equity for four busi

EX 1-15 Net income and owners equity for four businesses o: Net income Pour different...

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EX 1-15 Net income and owners equity for four businesses o: Net income Pour different proprietorships, Juliet, Kilo, Lima, and Mike, show the same balance shee data at the beginning and end of a year. These data, exclusive of the amourt of owner's equity, are summarized as follows Totel Liabiities Beginning of the year End of the year 600,000 1,125,000 5150000 500000 On the basis of the above data and the following additional information for the year determine the net income for loss) of each company for the year. 0 Hint: Flirst determine the amount of increase or decrease in owner's equ Juliet: The owner had made no additional investments in the business and had made Kilo: The owner had made no additional investments in the business but had whh- ty during the year.) no withdrawals from the business. drawn $55,000. withdrawals. Lima: The owner had made an additional investment of $100,000 but had made no Mike: The owner had made an additional investment of $100,000 and had withdrawn $55,000

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