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Andruw Company had the following assets and liabilities on the dates indicated.
December 31
Total Assets
Total Liabilities
2011
$400,000
$250,000
2012
$460,000
$300,000
2013
$590,000
Andruw began business on January 1, 2011, with an investment of $100,000.
Instructions
From an analysis of the change in owner's equity during the year, compute the net income (or loss) for:
(a) 2011, assuming Andruw's drawings were $15,000 for the year.
(b) 2012, assuming Andruw made an additional investment of $45,000 and had no drawings in 2012.
(c) 2013, assuming Andruw made an additional investment of $15,000 and had drawings $25,000 in 2013.
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