Andruw Company had the following assets and liabilities on the dates indicated.
| December 31 |
|
Total Assets |
|
Total Liabilities |
| 2011 |
|
$476,899 |
|
$209,853 |
| 2012 |
|
$536,899 |
|
$259,853 |
| 2013 |
|
$666,899 |
|
$359,853 |
Andruw began business on January 1, 2011, with an investment of $93,368. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for:
(a) 2011, assuming Andruw's drawings were $24,994for the year.(a) 2011, assuming Andruw's drawings were $24,994for the year.
(b) 2012, assuming Andruw made an additional investment of $41,326and had no drawings in 2012.
(c) 2013, assuming Andruw made an additional investment of $15,816and had drawings of $30,400in 2013.