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

December 31 Total Assets Total Liabilities 2013 $400,000 $260,000 2014 $480,000 $300,000 2015 $590,000 $400,000 Kimmy began business on January 1, 2013, with an investment of $100,000 from stockholders.

Instructions From an analysis of the change in stockholders’ equity during the year, compute the net income (or loss) for:

(a) 2013, assuming Kimmy paid $15,000 in dividends for the year.

(b) 2014, assuming stockholders made an additional investment of $50,000 and Kimmy paid no dividends in 2014.

(c) 2015, assuming stockholders made an additional investment of $15,000 and Kimmy paid dividends of $30,000 in 2015.