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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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