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

Finch began business on January 1, 2022, with an investment of $100,000.

Instructions
From an analysis of the change in owner’s equity during the year, compute the revenues for:
a. 2022, assuming Finch’s drawings were $15,000 for the year and expenses were $5,000 for the year.
b. 2023, assuming Finch made an additional investment of $45,000, had no drawings in 2023, and expenses were $55,000.
c. 2024, assuming Finch made an additional investment of $15,000, had drawings of $25,000 in 2024, and expenses were $15,000.

 

Transcribed Image Text:

December 31 Total Assets Total Liabilities 2022 $400,000 $460,000 $250,000 $300,000 2023 2024 $590,000 $400,000 December 31 Total Assets Total Liabilities 2022 $400,000 $460,000 $250,000 $300,000 2023 2024 $590,000 $400,000

Answer rating: 100% (QA)

Answer Q eroness equity 193113 480000 250000 ownegle... View the full answer