Balancing the Expanded Accounting Equation Activity 4.b - Using the Expanded Accounting Equation 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. Beginning of Year: End of Year: Assets $25,000 $60,000 Owner, Withdrawals 1) What is the equity at the beginning of the year? Beginning Equity 6,000 Liabilities 3) If the owner contributes $5,400 and the owner withdraws $38,500, how much is net income (loss)? Net Income (Loss) 62,100 $19,000 $25,000 5) If the owner contributes $16,200 and net income is $19,800, how much did the owner withdraw (owner, withdrawals)? 38500 2) What is the equity at the end of the year? Ending Equity 35,000 Glossary → HINT 4) If net income is $3,400 and owner withdrawals are $8,900, how much did the owner contribute (owner, capital)? Owner, Capital 235000 6) If the owner contributes $43,600 and the owner withdraws $1,900, how much is net income (loss)? Net Income (Loss) 35000
Balancing the Expanded Accounting Equation Activity 4.b - Using the Expanded Accounting Equation 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. Beginning of Year: End of Year: Assets $25,000 $60,000 Owner, Withdrawals 1) What is the equity at the beginning of the year? Beginning Equity 6,000 Liabilities 3) If the owner contributes $5,400 and the owner withdraws $38,500, how much is net income (loss)? Net Income (Loss) 62,100 $19,000 $25,000 5) If the owner contributes $16,200 and net income is $19,800, how much did the owner withdraw (owner, withdrawals)? 38500 2) What is the equity at the end of the year? Ending Equity 35,000 Glossary → HINT 4) If net income is $3,400 and owner withdrawals are $8,900, how much did the owner contribute (owner, capital)? Owner, Capital 235000 6) If the owner contributes $43,600 and the owner withdraws $1,900, how much is net income (loss)? Net Income (Loss) 35000
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 1.2BE
Related questions
Question
) If net income is $3,400 and owner withdrawals are $8,900, how much did the owner contribute (owner, capital)?
Owner, Capital
5) If the owner contributes $16,200 and net income is $19,800, how much did the owner withdraw (owner, withdrawals)?
Owner, Withdrawals
6) If the owner contributes $43,600 and the owner withdraws $1,900, how much is net income (loss)?
Net Income (Loss)
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