How do you calculate the net loss?
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Andruw Company had the following assets and liabilities on the dates indicated.
December 31
Total Assets
Total Liabilities
2011 $499,115 $267,262
2012 $559,115 $317,262
2013 $689,115 $417,262
Andruw began business on January 1, 2011, with an investment of $99,112.
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 $15,264 for the year.
Net income for 2011 $Entry field with correct answer
(b) 2012, assuming Andruw made an additional investment of $48,777 and had no drawings in 2012.
Net loss for 2012 $Entry field with incorrect answer
(c) 2013, assuming Andruw made an additional investment of $18,235 and had drawings of $19,148 in 2013.
Net income for 2013 $Entry field with incorrect answer