The Constantine Company had the following assets and liabilities on the dates indicated.
December 31 Total Assets Total Liabilities
2015 $480,000 $250,000
2016 $460,000 $220,000
2017 $590,000 $300,000
Constantine began business on January 1, 2015, 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) 2015, assuming Constantine's drawings were $45,000 for the year.
(b) 2016, assuming Constantine made an additional investment of $50,000 and had no drawings in 2016.
(c) 2017, assuming Constantine made an additional investment of $15,000 and had drawings of $40,000 in 2017. Download doc
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