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Cullumber Company had the following assets and liabilities on the dates indicated
Cullumber Company had the following assets and liabilities on the dates indicated.
December 31
Total Assets
Total Liabilities
2019 Assets $492,000 Liabilities $244,000
2020 Assets $552,000 Liabilities $294,000
2021 Assets $682,000 Liabilities $394,000
Cullumber began business on January 1, 2019, with an investment of $90,000.
From an analysis of the change in owner's equity during the year, compute the net income (or loss) for:
2020, assuming Cullumber made an additional investment of $42,000 and had no drawings in 2020.
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