Kinney A. . 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 owners equity during the year, compute the net income (or loss) for:a. 2019, assuming Kinneys drawings were 12,000 for the year.b. 2020, assuming Kinney made an additional
Chapter 1, Exercises #10
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.
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Answer
(a) Owners equity x 12/31/19 (400,000 250,000).................. 150,000 Owners equity x 1/1/19.....…View the full answer
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ISBN: 978-1119419617