| accounting help | help |
Iverson Company had the following assets and liabilities on the dates indicated.
| December 31 | Total Assets | Total Liabilities |
| 2013 | $499,448 | $252,643 |
| 2014 | $559,448 | $302,643 |
| 2015 | $689,448 | $402,643 |
Iverson began business on January 1, 2013, with an investment of $93,299.
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 $23,874 for the year.
| Net income for 2013 | $ |
(b)2014, assuming Iverson made an additional investment of $40,209 and had no drawings in 2014.
| Net loss for 2014 | $ |
(c) 2015, assuming Iverson made an additional investment of $15,978 and had drawings of $19,196 in 2015.
| Net income for 2015 | $ |
