The Sheffield Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $528,000 $262,000 2020 $520,000 $239,200 2021 $638,000 $304,000 Sheffield began business on January 1, 2019, with an investment of $124,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) (a) 2019, assuming Sheffield's drawings were $69,000 for the year. (b) 2020, assuming Sheffield made an additional investment of $74,000 and had no drawings in 2020. (c) 2021, assuming Sheffield made an additional investment of $22,500 and had drawings of $64,000 in 2021. (a) Net income/loss for 2019 $ 335000 (b) Net income/loss for 2020 $ 594000 (c) Net income/loss for 2021 $ 596500
The Sheffield Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $528,000 $262,000 2020 $520,000 $239,200 2021 $638,000 $304,000 Sheffield began business on January 1, 2019, with an investment of $124,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) (a) 2019, assuming Sheffield's drawings were $69,000 for the year. (b) 2020, assuming Sheffield made an additional investment of $74,000 and had no drawings in 2020. (c) 2021, assuming Sheffield made an additional investment of $22,500 and had drawings of $64,000 in 2021. (a) Net income/loss for 2019 $ 335000 (b) Net income/loss for 2020 $ 594000 (c) Net income/loss for 2021 $ 596500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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