The Lim Company Had the Following Assets and Liabilities on the Dates

Essay

The Lim Company had the following assets and liabilities on the dates indicated. Lim began business on January 1, 2012, with an investment of $100,000.
Instructions
From an analysis of the change in equity during the year, compute the net income (or
loss) for:
(a) 2012, assuming Lim paid dividends of $25,000 for the year.
(b) 2013, assuming Lim made an additional investment of $60,000 and paid no dividends in 2013.
(c) 2014, assuming Lim made an additional investment of $10,000 and paid dividends of $30,000 in 2014.