The Constantine Company had the following assets and liabilities on the dates indicated. Constantine began business on January 1 2015 with an investment of $100000.
Instructions
From an analysis of the change in owner's equity during the year compute the net income (or loss) for:
(a) 2015 assuming Constantine's drawings were $45000 for the year.
(b) 2016 assuming Constantine made an additional investment of $50000 and had no drawings in 2016.
(c) 2017 assuming Constantine made an additional investment of $15000 and had drawings of $40000 in 2017.
Correct Answer:
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