The Constantine Company had the following assets and liabilities on the dates indicated.

December 31 Total Assets Total Liabilities
2015 $480,000 $250,000
2016 $460,000 $220,000
2017 $590,000 $300,000

Constantine began business on January 1, 2015, 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:

(a) 2015, assuming Constantine’s drawings were $45,000 for the year.

(b) 2016, assuming Constantine made an additional investment of $50,000 and had no drawings in 2016.

(c) 2017, assuming Constantine made an additional investment of $15,000 and had drawings of $40,000 in 2017.

Explanation:

2015

Equity = (480000-250000) = 230000

Less capital                             (100,000)

Add back drawings                   45000

Net income                              175,000

2016

Equity = (460000-220000)= 240000

Less opening equity              (230000)

Less additional investment   (50000)

Net loss                                  (40,000)

2017

Equity =(590000-300000) = 290000

less opening equity               (240000)

Less additional investment    (15,000)

Add back drawings                 40000

Net income                              75,000

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