The Constantine Company had the following assets and liabilities on the dates indicated. $\begin{array}{ccc}
\text { December 31 } & \text { Total Assets } & \text { Total Liabilities } \
2020 & \$ 480,000 & \$ 250,000 \
2021 & \$ 460,000 & \$ 220,000 \
2022 & \$ 590,000 & \$ 300,000
\end{array}$ Constantine began business on January 1, 2020, with an investment of $100,000.
Instructions
From an analysis of the change in owner's equity during the year, compute the net income (or loss) for:
(a) 2020, assuming Constantine's drawings were $45,000 for the year and made no additional investments.
(b) 2021, assuming Constantine made an additional investment of $50,000 and had no drawings in 2021.
(c) 2022, assuming Constantine made an additional investment of $15,000 and had drawings of $40,000 in 2022.

Question

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The Answer of The Constantine Company had the following assets and liabilities on the dates indicated. $\begin{array}{ccc}
\text { December 31 } & \text { Total Assets } & \text { Total Liabilities } \
2020 & \$ 480,000 & \$ 250,000 \
2021 & \$ 460,000 & \$ 220,000 \
2022 & \$ 590,000 & \$ 300,000
\end{array}$ Constantine began business on January 1, 2020, with an investment of $100,000.
Instructions
From an analysis of the change in owner's equity during the year, compute the net income (or loss) for:
(a) 2020, assuming Constantine's drawings were $45,000 for the year and made no additional investments.
(b) 2021, assuming Constantine made an additional investment of $50,000 and had no drawings in 2021.
(c) 2022, assuming Constantine made an additional investment of $15,000 and had drawings of $40,000 in 2022.

The Constantine Company Had the Following Assets and Liabilities on the Dates