Cullumber Company had the following assets and liabilities on the dates indicated.
December 31
Total Assets
Total Liabilities
2019
$450,000
$150,000
2020
$530,000
$200,000
2021
$660,000
$300,000
Cullumber began business on January 1, 2019, with an investment of $90,000 from stockholders.
From an analysis of the change in stockholders’ equity during the year, compute the net income (or loss) for:
(a) 2019, assuming Cullumber paid $15,000 in dividends for the year.
Net income (loss) for 2019
$
enter the Net income (loss) for 2019 in dollars
(b) 2020, assuming stockholders made an additional investment of $40,000 and Cullumber paid no dividends in 2020.
Net income (loss) for 2020
$
enter the Net income (loss) for 2020 in dollars
(c) 2021, assuming stockholders made an additional investment of $15,000 and Cullumber paid dividends of $15,000 in 2021.
Net income (loss) for 2021
$
enter the Net income (loss) for 2021 in dollars
