Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your answer is partially correct.Try again. Oriole Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019$463,000$193,0002020$523,000$243,0002021$653,000$343,000

Your answer is partially correct.Try again.

Oriole Company had the following assets and liabilities on the dates indicated.

December 31

Total Assets

Total Liabilities

2019$463,000$193,0002020$523,000$243,0002021$653,000$343,000

Oriole 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 Oriole's drawings were $21,000for the year.

Net loss

Net income

for 2019$

(b)2020, assuming Oriole made an additional investment of $45,000and had no drawings in 2020.

Net income

Net loss

for 2020$

(c)2021, assuming Oriole made an additional investment of $19,000and had drawings of $18,000in 2021.

Net income

Net loss

for 2021$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: James Jiambalvo

3rd Edition

0470038152, 978-0470038154

More Books

Students also viewed these Accounting questions

Question

2. Ask questions, listen rather than attempt to persuade.

Answered: 1 week ago