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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 53BE
Related questions
Question
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7c5bb403-1e33-4bae-b26d-5ff9580c60a8%2F3f80bb1b-eeb6-4c6a-8586-04f1f8a76c14%2Fx3sqnvl_processed.png&w=3840&q=75)
Transcribed Image Text: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
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