Andruw Company had the following assets and liabilities on the dates indicated. Andruw began business on January

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

Andruw began business on January 1, 2011, 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) 2011, assuming Andruw?s drawings were $15,000 for the year.

(b) 2012, assuming Andruw made an additional investment of $45,000 and had no drawings in 2012.

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Accounting Principles

ISBN: 978-0470534793

10th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Oct 24, 2011 07:36 AM

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Andruw Company had the following assets and liabilities on the dates indicated. Andruw began business on January

Question:

December 31 Total Assets Total Liabilities $250,000 $400,000 $460,000 2011 2012 2013 $300,000 $400,000 $590,000

Step by Step Answer:

a Owners equity x 123111 400000 250000 150000 Owners eq...View the full answer

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