Four different proprietorships, Dakota, Jersey, Carolina, and Iowa, 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. 

Dakota: The owner had made no additional investments in the business and had made no withdrawals from the business.

Jersey: The owner had made no additional investments in the business but had withdrawn $40,000.

Carolina: The owner had made an additional investment of $66,000 but had made no withdrawals.

Iowa: The owner had made an additional investment of $66,000 and had withdrawn $40,000.

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Total Assets Total Liabilities $605,000 928,000 $237,000 Beginning of the year End of the year 352,000