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Homework answers / question archive / Cullumber Company had the following assets and liabilities on the dates indicated

Cullumber Company had the following assets and liabilities on the dates indicated

Accounting

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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