Lily began business on january 1 2009 with an investment of

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Reference no: EM13590816

Lily company had the following assets and liabilities on the dates indicated:

December 31 total assets total liabilities
2009 $400,000.00 $250,000.00
2010 $460,000.00 $300,000.00
2011 $590,000.00 $400,000.00

Lily began business on January 1, 2009 with an investment of $1000,00.00 Form an analysis of rhe change in owner's equity during rhe year, compute the net incom (or loss) for

a) 2009 assuming Lilys drawings were $15,000.00 for the year
b) 2010 assuming Lily made an additional investment of $50,000.00 and had no drawings in 2010
c) 2011 ASSUMING lILY MADE AN ADDITIONAL INVESTMENT OF $15,000.00 and had drawings of $30,000.00 in 2011.

Reference no: EM13590816

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