deejay17
Oct 16, 2012, 11:50 AM
Lily Company had the following assets and liabilities on the dates indicated.
December 31
Total Assets
Total Liabilities
2009 $400,000 $250,000
2010 $460,000 $300,000
2011 $590,000 $400,000
Lily began business on January 1, 2009, with an investment of $100,000.
2010, assuming Lily made an additional investment of 50,000 and had no drawings in 2010.
2011, assuming Lily made an additional investment of $15,000 and had drawings of $30,000 in 2011.
December 31
Total Assets
Total Liabilities
2009 $400,000 $250,000
2010 $460,000 $300,000
2011 $590,000 $400,000
Lily began business on January 1, 2009, with an investment of $100,000.
2010, assuming Lily made an additional investment of 50,000 and had no drawings in 2010.
2011, assuming Lily made an additional investment of $15,000 and had drawings of $30,000 in 2011.