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Lily Company had the following assets and liabilities on the dates indicated. December 31 Total...

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Accounting

Lily Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2009 $400,000 $250,000 2010 $460,000 $300,000 2011 $590,000 $400,000 Lily began business on January 1, 2009, with an investment of $100,000. Instructions From an analysis of the change in owner's equity during the year, compute the net income (or loss) for the following situations. (If a net loss, record amount using either a negative sign preceding the number eg -45 or parentheses eg (45).) (a) 2009, assuming Lily's drawings were $15,000 for the year. $ (b) 2010, assuming Lily made an additional investment of 50,000 and had no drawings in 2010. $ (c) 2011, assuming Lily made an additional investment of $15,000 and had drawings of $30,000 in 2011

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