Solution-Analysis of the change in owners equity during the

Analysis of the change in owners equity during the year

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Reference no: EM13852459

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 $

Net income for 2015 $

Reference no: EM13852459

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Analysis of the change in owners equity during the year

Reference no: EM13852459

Reference no: EM13852459

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