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Cullumber Company had the following assets and liabilities on the dates indicated. December 31 Total Assets 2021 2022 2023 $461,000 $521,000 $651,000 for 2021 Total Liabilities $295,000 $345,000 Cullumber began business on January 1, 2021, with an investment of $95,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Cullumber's drawings were $16,000 for the year. for 2022 $445,000 $ (b) 2022, assuming Cullumber made an additional investment of $40,000 and had no drawings in 2022. $

Cullumber Company had the following assets and liabilities on the dates indicated. December 31 Total Assets 2021 2022 2023 $461,000 $521,000 $651,000 for 2021 Total Liabilities $295,000 $345,000 Cullumber began business on January 1, 2021, with an investment of $95,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Cullumber's drawings were $16,000 for the year. for 2022 $445,000 $ (b) 2022, assuming Cullumber made an additional investment of $40,000 and had no drawings in 2022. $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Cullumber Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2021 2022 2023 $461,000 $521,000 $651,000 Cullumber began business on January 1, 2021, with an investment of $95,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Cullumber's drawings were $16,000 for the year. for 2021 $295,000 $345,000 $445,000 (b) 2022, assuming Cullumber made an additional investment of $40,000 and had no drawings in 2022. for 2022 LA
Transcribed Image Text:Cullumber Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2021 2022 2023 $461,000 $521,000 $651,000 Cullumber began business on January 1, 2021, with an investment of $95,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Cullumber's drawings were $16,000 for the year. for 2021 $295,000 $345,000 $445,000 (b) 2022, assuming Cullumber made an additional investment of $40,000 and had no drawings in 2022. for 2022 LA
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