Accounting -Iverson Company had the following assets and liabilities on the dates indicated

| January 30, 2017

Question
Iverson Company had the following assets and liabilities on the dates indicated.

December 31

Total Assets

Total Liabilities

2013

$495,359

$159,464

2014

$555,359

$209,464

2015

$685,359

$309,464

Iverson began business on January 1, 2013, with an investment of $97,774.

From an analysis of the change in owner’s equity during the year, compute the net income (or loss) for:

(a) 2013, assuming Iverson’s drawings were $22,681 for the year.

Net income for 2013

$.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>

(b) 2014, assuming Iverson made an additional investment of $46,181 and had no drawings in 2014.

Net loss for 2014

$.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>

(c)2015, assuming Iverson made an additional investment of $17,632 and had drawings of $28,236 in 2015.

Net income for 2015

$.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>

Get a 30 % discount on an order above $ 50
Use the following coupon code:
COCONUT
Order your essay today and save 30% with the discount code: COCONUTOrder Now
Positive SSL