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.

Transcribed Image Text:

December 31 2016 2017 2018 Total Assets $400,000 S460,000 $590,000 Total Liabilities $250,000 $300,000 $400,000