Question

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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