Cullumber Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $450,000 $150,000 2020 $530,000 $200,000 2021 $660,000 $300,000 Cullumber began business on January 1, 2019, with an investment of $90,000 from stockholders. From an analysis of the change in stockholders’ equity during the year, compute the net income (or loss) for: (a) 2019, assuming Cullumber paid $15,000 in dividends for the year. Net income (loss) for 2019 $ enter the Net income (loss) for 2019 in dollars (b) 2020, assuming stockholders made an additional investment of $40,000 and Cullumber paid no dividends in 2020. Net income (loss) for 2020 $ enter the Net income (loss) for 2020 in dollars (c) 2021, assuming stockholders made an additional investment of $15,000 and Cullumber paid dividends of $15,000 in 2021. Net income (loss) for 2021 $ enter the Net income (loss) for 2021 in dollars
Cullumber Company had the following assets and liabilities on the dates indicated.
December 31
Total Assets
Total Liabilities
2019
$450,000
$150,000
2020
$530,000
$200,000
2021
$660,000
$300,000
Cullumber began business on January 1, 2019, with an investment of $90,000 from stockholders.
From an analysis of the change in
(a) 2019, assuming Cullumber paid $15,000 in dividends for the year.
Net income (loss) for 2019
$
enter the Net income (loss) for 2019 in dollars
(b) 2020, assuming stockholders made an additional investment of $40,000 and Cullumber paid no dividends in 2020.
Net income (loss) for 2020
$
enter the Net income (loss) for 2020 in dollars
(c) 2021, assuming stockholders made an additional investment of $15,000 and Cullumber paid dividends of $15,000 in 2021.
Net income (loss) for 2021
$
enter the Net income (loss) for 2021 in dollars
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