Iverson Company had the following assets and liabilities on the dates indicated:
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.
(b) 2014, assuming Iverson made an additional investment of $44,409 and had no drawings in 2014.
(c) 2015, assuming Iverson made an additional investment of $18,220 and had drawings of $17,811 in 2015.