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

Essay

The Constantine Company had the following assets and liabilities on the dates indicated. $$\begin{array} { c c c } \text { December 31 } & \text { Total Assets } & \text { Total Liabilities } \\2015 & \$ 480,000 & \$ 250,000 \\2016 & \$ 460,000 & \$ 220,000 \\2017 & \$ 590,000 & \$ 300,000\end{array}$$ Constantine began business on January 1 2015 with an investment of $100000.
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 $45000 for the year.
(b) 2016 assuming Constantine made an additional investment of $50000 and had no drawings in 2016.
(c) 2017 assuming Constantine made an additional investment of $15000 and had drawings of $40000 in 2017.