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Exercise 1-10 Finch Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2016 2017 $492,000 $552,000 $682,000

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Exercise 1-10 Finch Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2016 2017 $492,000 $552,000 $682,000 $244,000 $294,000 $394,000 2018 Finch began business on January 1, 2016, with an investment of $90,000. 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. for 2016 (b) 2017, assuming Finch made an additional investment of $42,000 and had no drawings in 2017. for 2017 (c) 2018, assuming Finch made an additional investment of $22,000 and had drawings of $32,000 in 2018. for 2018

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