Chat with us, powered by LiveChat Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity | EssayAbode

Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity

  

Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions.

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Assets

Liabilities

 

Beginning of Year:

$25,000

$15,000

 

End of Year:

$64,000

$26,000

1) What is the equity at the beginning of the year?

Beginning Equity 

2) What is the equity at the end of the year?

Ending Equity 

3) If the owner contributes $8,300 and the owner withdraws $42,400, how much is net income (loss)?

Net Income (Loss) 

4) If net income is $2,100 and owner withdrawals are $9,100, how much did the owner contribute (owner, capital)?

Owner, Capital 

5) If the owner contributes $15,400 and net income is $19,700, how much did the owner withdraw (owner, withdrawals)?

Owner, Withdrawals 

6) If the owner contributes $44,700 and the owner withdraws $1,300, how much is net income (loss)?

Net Income (Loss) 

Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions.

Top of Form

Assets

Liabilities

Beginning of Year:

$25,000

$15,000

End of Year:

$64,000

$26,000

1) What is the equity at the beginning of the year?

Beginning Equity image1.wmf

2) What is the equity at the end of the year?

Ending Equity image2.wmf

3) If the owner contributes $8,300 and the owner withdraws $42,400, how much is net income (loss)?

Net Income (Loss) image3.wmf

4) If net income is $2,100 and owner withdrawals are $9,100, how much did the owner contribute (owner, capital)?

Owner, Capital image4.wmf

5) If the owner contributes $15,400 and net income is $19,700, how much did the owner withdraw (owner, withdrawals)?

Owner, Withdrawals image5.wmf

6) If the owner contributes $44,700 and the owner withdraws $1,300, how much is net income (loss)?

Net Income (Loss) 

Bottom of Form

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