omework: Week One: Chapter 1: Exercises 5 of 6 (5 complete) ore: 0.4 of 1 pt E1-21 (similar to) Amoco Car Rentals' balance sheet data at May 31, 2016, and June 30, 2016, follow EEB (Click the icon to view the balance sheet data.) For each of the following situations with regard to owners contributions and withdrawals of the business, compute the amount of net income or n a. The owner contributed $12,500 to the business and made no withdrawals b. The owner made no contributions. The owner withdrew cash of $7,500 c.The owner made contributions of S15,000 and withdrew cash of $24,000. Begin by identifying the accounting equation and the formula expressed by the statement of owner's equity (the "equity equation"): (Abbreviation Account equation:Assets Liabilities Equity Equity equation: Capital, Beginning Owner contribution Net income or Net loss Owner withdrawal Capital, Ending For each of the following situations with regard to owner's contributions and withdrawals of the business, compute the amount of net income or net a. The owner contributed $12,500 to the business and made no withdrawals Net income (loss) Cta Table May 31, 2016 June 30, 2016 Total assets Total liabilities 177,000 $ 155,000 250,000 7.000 Print Done Enter your answer in the answer box and then click Check 3 Clear A