matabi
Jul 29, 2015, 10:26 PM
Iverson Company had the following assets and liabilities on the dates indicated.
December 31
Total Assets
Total Liabilities
2013
$461,492
$261,140
2014
$521,492
$311,140
2015
$651,492
$411,140
Iverson began business on January 1, 2013, with an investment of $98,231.
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 $18,438 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 $43,816 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 $19,655 and had drawings of $32,794 in 2015.
Net income for 2015
$
December 31
Total Assets
Total Liabilities
2013
$461,492
$261,140
2014
$521,492
$311,140
2015
$651,492
$411,140
Iverson began business on January 1, 2013, with an investment of $98,231.
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 $18,438 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 $43,816 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 $19,655 and had drawings of $32,794 in 2015.
Net income for 2015
$