Department : Mechanical Engineering Subject : Accounting

4. Iverson Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2013 $400,000 $250,000 2014 $460,000 $300,000 2015 $590,000 $400,000 Iverson began business on January 1, 2013, with an investment of $100,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: a. 2013, assuming Iverson's drawing were $15,000 for the year. b. 2014, assuming Iverson made an additional investment of $45,000 and had no drawings in 2014. C. 2015, assuming Iverson made an additional investment of $15,000 and had drawings of $25,000 in 2015