Your answer is partially correct. Try again Use the following information to calculate for the year ended December 31, 2020 (a) net income, (b) ending owner's equity, and (c) total assets Supplies Operating expenses Accounts payable Accounts receivable Beginning Capital $25,000 15,000 1,000 2,000 8,000 3,000 Revenues 11,000 Cash 9,000 Drawings 3,000 Notes payable 5,000 Equipment (a) Net income 14,000 (b) Ending owner's equity 15,000 (c) Total assets $49,000