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Your answer is incorrect. The Oriole Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $506,000
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The Oriole Company had the following assets and liabilities on the dates indicated.
December 31 | Total Assets | Total Liabilities | |||
---|---|---|---|---|---|
2019 | $506,000 | $256,500 | |||
2020 | $492,500 | $230,400 | |||
2021 | $616,000 | $305,000 |
Oriole began business on January 1, 2019, with an investment of $113,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
(a) | 2019, assuming Oriole's drawings were $58,000 for the year. | ||
(b) | 2020, assuming Oriole made an additional investment of $63,000 and had no drawings in 2020. | ||
(c) | 2021, assuming Oriole made an additional investment of $17,000 and had drawings of $53,000 in 2021. |
(a) | Net income / loss for 2019 | $enter a dollar amount | |||
---|---|---|---|---|---|
(b) | Net income / loss for 2020 | $enter a dollar amount | |||
(c) | Net income / loss for 2021 | $enter a dollar amount |
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