Kinney A. . had the following assets and liabilities on the dates indicated. Kinney began business on

Kinney A. Ş. had the following assets and liabilities on the dates indicated.

Kinney began business on January 1, 2019, 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. 2019, assuming Kinney’s drawings were ₺12,000 for the year.
b. 2020, assuming Kinney made an additional investment of ₺34,000 and had no drawings in 2020.
c. 2021, assuming Kinney made an additional investment of ₺12,000 and had drawings of 25,000 in 2021.

Transcribed Image Text:

December 31 2019 Total Assets Total Liabilities t400,000 t250,000 t300,000 t400,000 Ł460,000 t590,000 2020 2021