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Wildhorse Company had the following assets and liabilities on the dates indicated. December 31 Total Assets 2019 2020 2021 $494,000 $554,000 $684,000 Total Liabilities $313,000
Wildhorse Company had the following assets and liabilities on the dates indicated. December 31 Total Assets 2019 2020 2021 $494,000 $554,000 $684,000 Total Liabilities $313,000 $363,000 $463,000 Wildhorse began business on January 1, 2019, 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) 2019, assuming Wildhorse's drawings were $24,000 for the year. Net Income for 2019 (b) 2020, assuming Wildhorse made an additional investment of $40,000 and had no drawings in 2020. Net loss for 2020 (c) 2021, assuming Wildhorse made an additional investment of $24,000 and had drawings of $17,000 in 2021. Net income v for 2021
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