01 (12 marks) Lily Company had the following information on the dates indicated. December 31...
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01 (12 marks) Lily Company had the following information on the dates indicated. December 31 Total Assets Total Liabilities Total O.E 2017 $600,000 $350,000 ??? 2018 $760,000 ?? $400,000 2019 $990,000 $400,000 722 Lily began business on January 1, 2017 with an investment of $300,000 Instructions From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a)2017, assuming Lily's drawings were $15,000 for the year (b)2018, assuming Lily made an additional investment of $50,000 and had no drawings in 2018 and expenses were 150,000 (c) 2019, assuming Lily made an additional investment of $15,000 and had drawings of $30,000 in 2019. (d) Prepare owners equity statement in 31/12/2017
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