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Exercise 1-10;Your answer is incorrect.;Iverson Company had the following assets and liabilities on the dates indicated.;December 31;Total Assets;Total Liabilities2013 $463,472 $271,3182014 $523,472 $321,3182015 $653,472 $421,318;Iverson began...

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Exercise 1-10;Your answer is incorrect.;Iverson Company had the following assets and liabilities on the dates indicated.;December 31 Total Assets Total Liabilities;2013 $463,472 $271,318;2014 $523,472 $321,318;2015 $653,472 $421,318;Iverson began business on January 1, 2013, with an investment of $91,494.;From an analysis of the change in owner?s equity during the year, compute the net income (or loss) for;(a) 2013, assuming Iverson?s drawings were $23,070 for the year.;Net income for 2013 $ 711720;(b) 2014, assuming Iverson made an additional investment of $42,680 and had no drawings in 2014.;Net loss for 2014 $ 887470;(c) 2015, assuming Iverson made an additional investment of $18,749 and had drawings of $18,364 in 2015.;Net income for 2015 $ 1105175;Warning;Don't show me this message again for the assignment Ok Cancel

 

Paper#75631 | Written in 18-Jul-2015

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