Oriole Company had the following assets and liabilities on the dates indicated. December 31 Total Assets 2021 2022 2023 Net income $496,000 $556,000 $686,000 Oriole began business on January 1, 2021, with an investment of $98,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Oriole's drawings were $15,000 for the year. Net loss for 2021 Net income Total Liabilities (b) 2022, assuming Oriole made an additional investment of $50,000 and had no drawings in 2022. ✓for 2022 $209,000 $259,000 $359,000 for 2023 $ (c) 2023, assuming Oriole made an additional investment of $23,000 and had drawings of $27,000 in 2023. $ $

Oriole Company had the following assets and liabilities on the dates indicated. December 31 Total Assets 2021 2022 2023 Net income $496,000 $556,000 $686,000 Oriole began business on January 1, 2021, with an investment of $98,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Oriole's drawings were $15,000 for the year. Net loss for 2021 Net income Total Liabilities (b) 2022, assuming Oriole made an additional investment of $50,000 and had no drawings in 2022. ✓for 2022 $209,000 $259,000 $359,000 for 2023 $ (c) 2023, assuming Oriole made an additional investment of $23,000 and had drawings of $27,000 in 2023. $ $

Name: **Oriole Company Financial Analysis**Oriole Company had the following
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Description: **Oriole Company Financial Analysis**Oriole Company had the following assets and liabilities on the dates indicated:| December 31 | Total Assets | Total Liabilities ||-------------|--------------|-------------------|| 2021 | $496,000 | $2

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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