Exercise 1-16 (Algo) Computing net income using accounting equation LO P2

Shep Companys records show the following information for the current year.

	Beginning of year	End of year
Total assets	$ 55,600	$ 87,000
Total liabilities	$ 24,800	$ 37,800

Determine net income (loss) for each of the following separate situations.

Note: For all requirements, losses should be entered with a minus sign.

1. Additional owner investments of $5,800 were contributed, and withdrawals of $9,800 were made during the current year.
2. Additional owner investments of $15,700 were contributed, and no withdrawals were made during the current year.
3. No additional owner investments were contributed, and withdrawals of $14,800 were made during the current year.