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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. Assets Beginning of Year: End of Year: Liabilities $25,000 $17,000 $63,000 $26,000 1) What is the equity at the beginning of the year? Beginning Equity 8000 2) What is the equity at the end of the year? Ending Equity 37000 ? HINT 3) If the owner contributes $7,500 and the owner withdraws $36,900, how much is net income (loss)? Net Income (Loss) 58400 4) If net income is $2,100 and owner withdrawals are $9,600, how much did the owner contribute (owner, capital)? Owner, Capital 36500 5) If the owner contributes $19,700 and net income is $15,500, how much did the owner withdraw (owner, withdrawals)? Owner, Withdrawals 6200 6) If the owner contributes $41,300 and the owner withdraws $4,600, how much is net income (loss)? Net Income (Loss) ☐

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. Assets Beginning of Year: End of Year: Liabilities $25,000 $17,000 $63,000 $26,000 1) What is the equity at the beginning of the year? Beginning Equity 8000 2) What is the equity at the end of the year? Ending Equity 37000 ? HINT 3) If the owner contributes $7,500 and the owner withdraws $36,900, how much is net income (loss)? Net Income (Loss) 58400 4) If net income is $2,100 and owner withdrawals are $9,600, how much did the owner contribute (owner, capital)? Owner, Capital 36500 5) If the owner contributes $19,700 and net income is $15,500, how much did the owner withdraw (owner, withdrawals)? Owner, Withdrawals 6200 6) If the owner contributes $41,300 and the owner withdraws $4,600, how much is net income (loss)? Net Income (Loss) ☐

FINANCIAL ACCOUNTING
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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am. 104.

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. Assets Beginning of Year: End of Year: Liabilities $25,000 $17,000 $63,000 $26,000 1) What is the equity at the beginning of the year? Beginning Equity 8000 2) What is the equity at the end of the year? Ending Equity 37000 ? HINT 3) If the owner contributes $7,500 and the owner withdraws $36,900, how much is net income (loss)? Net Income (Loss) 58400 4) If net income is $2,100 and owner withdrawals are $9,600, how much did the owner contribute (owner, capital)? Owner, Capital 36500 5) If the owner contributes $19,700 and net income is $15,500, how much did the owner withdraw (owner, withdrawals)? Owner, Withdrawals 6200 6) If the owner contributes $41,300 and the owner withdraws $4,600, how much is net income (loss)? Net Income (Loss) ☐
Transcribed Image Text: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. Assets Beginning of Year: End of Year: Liabilities $25,000 $17,000 $63,000 $26,000 1) What is the equity at the beginning of the year? Beginning Equity 8000 2) What is the equity at the end of the year? Ending Equity 37000 ? HINT 3) If the owner contributes $7,500 and the owner withdraws $36,900, how much is net income (loss)? Net Income (Loss) 58400 4) If net income is $2,100 and owner withdrawals are $9,600, how much did the owner contribute (owner, capital)? Owner, Capital 36500 5) If the owner contributes $19,700 and net income is $15,500, how much did the owner withdraw (owner, withdrawals)? Owner, Withdrawals 6200 6) If the owner contributes $41,300 and the owner withdraws $4,600, how much is net income (loss)? Net Income (Loss) ☐
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