2.A partially completed summary of financial data is given below. The data pertain to the fundamentalaccounting equation for Duncan Goodwin over a period of two years:AssetsLiabilitiesEquityEnd of 20-1$52 800End of 20-2$32 000a) Fill in the missing figures, given that1. revenues for 20-2 are $62 000;2. expenses for 20-2 are $34 000;3. drawings for 20-2 are $16 000; and4. the liabilities decreased by $6 000 from the end of 20-1 to the end of 20-2.

Assets = Liabilities + Equity or , Liabilities = Assets - Equity Equity at the end = Equity in the…

2.A partially completed summary of financial data is given below. The data pertain to the fundamental accounting equation for Duncan Goodwin over a period of two years: Assets Liabilities Equity End of 20-1 $52 800 End of 20-2 S32 000 a) Fill in the missing figures, given that 1. revenues for 20-2 are $62 000; 2. expenses for 20-2 are $34 000; 3. drawings for 20-2 are $16 000; and 4. the liabilities decreased by $6 000 from the end of 20-1 to the end of 20-2.

2.A partially completed summary of financial data is given below. The data pertain to the fundamental accounting equation for Duncan Goodwin over a period of two years: Assets Liabilities Equity End of 20-1 $52 800 End of 20-2 S32 000 a) Fill in the missing figures, given that 1. revenues for 20-2 are $62 000; 2. expenses for 20-2 are $34 000; 3. drawings for 20-2 are $16 000; and 4. the liabilities decreased by $6 000 from the end of 20-1 to the end of 20-2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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