Net income and owner's equity for four businessesFour different proprietorships, Amber, Blue, Coral, and Daffodil, have the same balance sheet data at the beginning and end of a year as follows:Total Assets Total LiabilitiesBeginning of the year$70,200$112,300$28,100$47,200End of the yearOn the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the y(Hint: First, determine the amount of increase or decrease in owner's equity during the year.)Amber: No additional owner investments and no owner withdrawals were made.Blue: No additional owner investments, but the owner withdrew $5,100.Coral: The owner invested an additional $14,800 in the business and made no withdrawals.Daffodil: The owner invested an additional $17,900 in the business and withdrew $4,800.Enter all amounts as positive numbers.AmberBlueCoralDaffodil0000

Increase in Equity= Net income + Additional Capital - Withdrawls

Answered: Total Assets Total Liabilities $28,100…

Total Assets Total Liabilities $28,100 $47,200 $70,200 $112,300 e data and the following additional information for the year, det e amount of increase or decrease in owner's equity during the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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