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What was net income or net loss for the year

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Problem 1: Beginning and ending Total Assets for the year were $25,000 and $32,000 respectively. At year end, Owner's Equity was $20,000 and Liabilities were $4,000 larger than they were at the beginning of the year. If owner's drawings exceeded owner's investment made during this period, then what was Net Income or Net Loss for the year?

a) $5,000 net loss
b) $13,000 net income
c) $5,000 net income
d) cannot be determined from the data provided
e) $9,000 net income

Reference no: EM132664333

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