Based on the amount the owner contributed and then withdrew, the net income (loss) is -$12,300.
What is the net income (loss)?
First, find the value of ending equity:
= Ending assets - liabilities
= 62,000 - 28,000
= $34,000
Then find beginning equity:
= 25,000 - 19,000
= $6,000
The net income(loss) is:
= Equity - Owner's contribution + Withdrawals - Beginning equity
= 34,000 - 44,500 + 4,200 - 6,000
= -$12,300
Find out more on calculating equity at https://brainly.com/question/11110287.
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