Analysis of the change in owners equity during the year

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Iverson Company had the following assets and liabilities on the dates indicated.

December 31


Total Assets


Total Liabilities

2013


$495,359


$159,464

2014


$555,359


$209,464

2015


$685,359


$309,464

Iverson began business on January 1, 2013, with an investment of $97,774.

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 $22,681 for the year.

Net income for 2013 $

(b) 2014, assuming Iverson made an additional investment of $46,181 and had no drawings in 2014.

Net loss for 2014 $

(c) 2015, assuming Iverson made an additional investment of $17,632 and had drawings of $28,236 in 2015.

Net income for 2015 $

Reference no: EM13852459

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