Question
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 $18,000in 2021.
Net income
Net loss
for 2021$
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