Question
Wildhorse company had the following assets and liabilities on the dates indicated December 31 Total Assets Total Liabilities 2021 $493,000 $269,000 2022 $553,000 $319,000 2023
Wildhorse company had the following assets and liabilities on the dates indicated
| December 31 | Total Assets | Total Liabilities |
| 2021 | $493,000 | $269,000 |
| 2022 | $553,000 | $319,000 |
| 2023 | $683,000 | $419,000 |
Wildhorse began business on January 1,2021, 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
Assuming Wildhorse's drawings were $16,000
Net Income for 2021 =
2022, assuming Wildhorse made an additional investment of $40,000 and had no drawings in 2022
Net Loss for 2022=
2023 assuming Wildhorse made an additional investment of $1500 and had drawings of $15,00 in 2023
Net Income for 2023 =
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen and Peter Brewer
14th edition
978-007811100, 78111005, 978-0078111006
