Iverson Company had the following assets and liabilities on the dates indicated.
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December 31
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Total Assets
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Total Liabilities
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2013
|
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$495,359
|
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$159,464
|
|
2014
|
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$555,359
|
|
$209,464
|
|
2015
|
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$685,359
|
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$309,464
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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 $
(b) 2014, assuming Iverson made an additional investment of $46,181 and had no drawings in 2014.
Net loss for 2014 $
(c) 2015, assuming Iverson made an additional investment of $17,632 and had drawings of $28,236 in 2015.
Net income for 2015 $