The balance of owner's equity at the beginning of the year and the end of the year was 45,000 and 66,000 respectively. The company received no new contnbutions during the year. Owner's withdrawals were 20,000 What was the net income or loss for the year?

To find the net income or loss for the year, we can use the following formula:<br /><br />Net Income = Ending Owner's Equity - Beginning Owner's Equity - Withdrawals<br /><br />Given Beginning Owner's Equity = $45,000<br />- Ending Owner's Equity = $66,000<br />- Withdrawals = $20,000<br /><br />Plugging in the values:<br /><br />Net Income = $66,000 - $45,000 - $20,000<br />Net Income = $1,000<br /><br />Therefore, the net income for the year was $1,000.