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Four different proprietorships Jupiter Mars Saturn and Venus show the same balance sheet data at the beginning and end of a year These data exclusive of the amount of owners equity

Four different proprietorships, Jupiter, Mars, Saturn, and Venus, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner's equity, are summarized as follows:

 On the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year. ( Hint: First, determine the amount of increase or decrease in owner's equity during the year.) 

Jupiter: The owner had made no additional investments in the business and had made no withdrawals from the business.
Mars: The owner had made no additional investments in the business but had withdrawn $36,000.
Saturn: The owner had made an additional investment of $60,000 but had made no withdrawals.
Venus: The owner had made an additional investment of $60,000 and had withdrawn $36,000.

 

 
 

 

Apr 09 2021 View more View Less

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