Four different proprietorships, Jupiter, Mercury, Saturn, and Venus, show the same balance sheet data at the beginning

Question:

Four different proprietorships, Jupiter, Mercury, 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 above data and the following additional information for the year, determine the net income (or loss) of each company for the year.Jupiter: The owner had made no additional investments in the business and had made no withdrawals from the business.Mercury: The owner had made no additional investments in the business but had withdrawn $72,000.Saturn: The owner had made an additional investment of $162,000 but had made no withdrawals.Venus: The owner had made an additional investment of $162,000 and had withdrawn$72,000.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...