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Wildhorse company had the following assets and liabilities on the dates indicated 
 December 31
Total Assets
Total Liabilities
2021 $493,000 $269,000
2022 $553,000 $319,000
2023 $683,000 $419,000
  Wildhorse began business on January 1,2021, 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
Assuming Wildhorse's drawings were $16,000
Net Income for 2021 =
  2022, assuming Wildhorse made an additional investment of $40,000 and had no drawings in 2022
Net Loss for 2022=
  2023 assuming Wildhorse made an additional investment of $1500 and had drawings of $15,00 in 2023
Net Income for 2023 =

Expert Answer

Wildhorse company had the following assets and liabilities on the dates indicated December 31 Total Assets Total Liabilities 2021 $493,000 $269,000 2022 $553,000 $319,000 2023 $683,000 $419,000 Wildhorse began business on January 1,2021, 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 Assuming Wildhorse's drawings were $16,000 Net Income for 2021 = 2022, assuming Wildhorse made an additional investment of $40,000 and had no drawings in 2022 Net Loss for 2022= 2023 assuming Wildhorse made an additional investment of $1500 and had drawings of $15,00 in 2023 Net Income for 2023 =

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