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  • Oct 16, 2012, 11:50 AM
    deejay17
    Analysis
    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.

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