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Carla Vista Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2021 $480,000 $163,000 2022 $540,000 $213.000 2023 $670,000 $313,000 Carla Vista began business on January 1, 2021, with an investment of $93,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Carla Vista's drawings were $17,000 for the year. ♥ for 2021 $ LA (b) 2022, assuming Carla Vista made an additional investment of $50,000 and had no drawings in 2022. ▾ for 2022 $ (c) 2023, assuming Carla Vista made an additional investment of $19,000 and had drawings of $32,000 in 2023 ♥ for 2023 $

Carla Vista Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2021 $480,000 $163,000 2022 $540,000 $213.000 2023 $670,000 $313,000 Carla Vista began business on January 1, 2021, with an investment of $93,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Carla Vista's drawings were $17,000 for the year. ♥ for 2021 $ LA (b) 2022, assuming Carla Vista made an additional investment of $50,000 and had no drawings in 2022. ▾ for 2022 $ (c) 2023, assuming Carla Vista made an additional investment of $19,000 and had drawings of $32,000 in 2023 ♥ for 2023 $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Carla Vista Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2021 $480,000 $163,000 2022 $540,000 $213.000 2023 $670,000 $313,000 Carla Vista began business on January 1, 2021, with an investment of $93,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Carla Vista's drawings were $17,000 for the year. ♥ for 2021 $ LA (b) 2022, assuming Carla Vista made an additional investment of $50,000 and had no drawings in 2022. ▾ for 2022 $ (c) 2023, assuming Carla Vista made an additional investment of $19,000 and had drawings of $32,000 in 2023 ♥ for 2023 $
Transcribed Image Text:Carla Vista Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2021 $480,000 $163,000 2022 $540,000 $213.000 2023 $670,000 $313,000 Carla Vista began business on January 1, 2021, with an investment of $93,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Carla Vista's drawings were $17,000 for the year. ♥ for 2021 $ LA (b) 2022, assuming Carla Vista made an additional investment of $50,000 and had no drawings in 2022. ▾ for 2022 $ (c) 2023, assuming Carla Vista made an additional investment of $19,000 and had drawings of $32,000 in 2023 ♥ for 2023 $
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