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Analysis of the change in owners equity

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Reference no: EM13512452

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

December 31

Total Assets

Total Liabilities

2011

$400,000

$250,000

2012

$460,000

$300,000

2013

$590,000

$400,000

Andruw began business on January 1, 2011, with an investment of $100,000.

Instructions

From an analysis of the change in owner's equity during the year, compute the net income (or loss) for:

(a) 2011, assuming Andruw's drawings were $15,000 for the year.

(b) 2012, assuming Andruw made an additional investment of $45,000 and had no drawings in 2012.

(c) 2013, assuming Andruw made an additional investment of $15,000 and had drawings $25,000 in 2013.

Reference no: EM13512452

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