Iverson Company had the following assets and liabilities on the dates indicated.
Iverson began business on January 1, 2013, with an investment of $98,231.
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 $18,438 for the year.
(b) 2014, assuming Iverson made an additional investment of $43,816 and had no drawings in 2014.
(c) 2015, assuming Iverson made an additional investment of $19,655 and had drawings of $32,794 in 2015.
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December 31
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Total Assets
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Total Liabilities
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| 2013 | $461,492 | $261,140 | ||
| 2014 | $521,492 | $311,140 | ||
| 2015 | $651,492 | $411,140 |
Iverson began business on January 1, 2013, with an investment of $98,231.
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 $18,438 for the year.
| Net income for 2013 | $ |
(b) 2014, assuming Iverson made an additional investment of $43,816 and had no drawings in 2014.
| Net loss for 2014 | $ |
(c) 2015, assuming Iverson made an additional investment of $19,655 and had drawings of $32,794 in 2015.
| Net income for 2015 | $ |
Iverson Company had the following assets and liabilities on the dates indicated. Dec
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