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Lily Company had the following assets and liabilities on the dates indicated.
Lily began business on January 1, 2009, with an investment of $100,000.
Instructions
From an analysis of the change in owners equity during the year, compute the net income (or loss) for:
(a) 2009, assuming Lilys drawings were $5,000 for the year.
(b) 2010, assuming Lily made an additional investment of $50,000 and had no drawings in 2010.
(c) 2011, assuming Lily made an additional investment of $15,000 and had drawings of $30,000 in 2011.
Calculate the difference in taxable income and cash inflow under each method. Assume MACRS allowances are 20, 32, 18, 15, and 15 percent for years 1-5 respectively.
hg livery supply had a beginning accounts payable balance of 7300 and an ending accounts pyable balance of 55100.
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