Ask Experts Questions for FREE Help !
Ask
    matabi's Avatar
    matabi Posts: 1, Reputation: 1
    New Member
     
    #1

    Jul 29, 2015, 10:26 PM
    Iverson Company had the following assets and liabilities on the dates indicated. Dec
    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 $

    (b) 2014, assuming Iverson made an additional investment of $43,816 and had no drawings in 2014.

    Net loss for 2014 $

    (c) 2015, assuming Iverson made an additional investment of $19,655 and had drawings of $32,794 in 2015.

    Net income for 2015 $
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
     
    #2

    Jul 29, 2015, 11:19 PM
    What do YOU think ?
    While we're happy to HELP we wont do all the work for you.
    Show us what you have done and where you are having problems..
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #3

    Jul 30, 2015, 01:57 PM
    You have to know 2 formulas to solve this type of problem.

    No 1: The basic accounting equation, which is Assets = Liabilities + Owners Equity
    This can be rewritten as: Owners Equity = Assets - Liabilities

    No 2: The changes in equity formula, which is Beginning Owners Equity + Owner investments - Owner Withdrawals + Net Income (Revenues - Expenses) = Ending Owners Equity.
    You can rewrite this equation to solve for an unknown amount.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Iverson Company had the following assets and liabilities on the dates indicated: [ 5 Answers ]

Iverson Company had the following assets and liabilities on the dates indicated. December 31 Total Assets

If a company paid $280 cash for a newspaper ad would the assets, liabilities go up? [ 4 Answers ]

If a company paid $280 cash for a newspaper ad would that company's assets, liabilities, owners' equity go up or down? If a company collected $600 of the money it was owed due to the services they provided earlier would that companys assets, liabilities, owners' equity go up or down? If a...

The liabilities of Hurka Company equal one-third of the total assets, and owner's equ [ 0 Answers ]

The liabilities of Hurka Company equal one-third of the total assets, and owner's equity is $180,000. What is the amount of the liabilities?


View more questions Search