Question: Finch Company had the following assets and liabilities on the

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


Finch began business on January 1, 2016, 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) 2016, assuming Finch’s drawings were $15,000 for the year.
(b) 2017, assuming Finch made an additional investment of $45,000 and had no drawings in 2017.
(c) 2018, assuming Finch made an additional investment of $15,000 and had drawings of $25,000 in2018.
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  • CreatedMarch 02, 2015
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