smellene
Jun 22, 2015, 04:12 PM
Iverson Company had the following assets and liabilities on the dates indicated.
December 31
Total Assets
Total Liabilities
2013
$475,533
$223,471
2014
$535,533
$273,471
2015
$665,533
$373,471
Iverson began business on January 1, 2013, with an investment of $97,117.
From an analysis of the change in owner’s equity during the year, compute the net income (or loss) for:
(a) 2013, assuming Iverson’s drawings were $19,739 for the year.
Net income for 2013
$http://edugen.wiley.com/edugen/art2/common/pixel.gif
(b) 2014, assuming Iverson made an additional investment of $44,409 and had no drawings in 2014.
Net loss for 2014
$http://edugen.wiley.com/edugen/art2/common/pixel.gif
(c) 2015, assuming Iverson made an additional investment of $18,220 and had drawings of $17,811 in 2015.
Net income for 2015
$http://edugen.wiley.com/edugen/art2/common/pixel.gif
December 31
Total Assets
Total Liabilities
2013
$475,533
$223,471
2014
$535,533
$273,471
2015
$665,533
$373,471
Iverson began business on January 1, 2013, with an investment of $97,117.
From an analysis of the change in owner’s equity during the year, compute the net income (or loss) for:
(a) 2013, assuming Iverson’s drawings were $19,739 for the year.
Net income for 2013
$http://edugen.wiley.com/edugen/art2/common/pixel.gif
(b) 2014, assuming Iverson made an additional investment of $44,409 and had no drawings in 2014.
Net loss for 2014
$http://edugen.wiley.com/edugen/art2/common/pixel.gif
(c) 2015, assuming Iverson made an additional investment of $18,220 and had drawings of $17,811 in 2015.
Net income for 2015
$http://edugen.wiley.com/edugen/art2/common/pixel.gif