Using the Expanded Accounting EquationUsing 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 LiabilitiesBeginning of Year: $25,000 $18,000End of Year: $62,000 $25,000 n1) What is the equity at the beginning of the year?Beginning Equity 7,000 2) What is the equity at the end of the year?Ending Equity 37,000 3) If the owner contributes $7,000 and the owner withdraws $38,400, how much is net income (loss)?Net Income (Loss) 4) If net income is $1,000 and owner withdrawals are $9,400, how much did the owner contribute (owner, capital)?Owner, Capital 5) If the owner contributes $18,400 and net income is $16,400, how much did the owner withdraw (owner, withdrawals)?Owner, Withdrawals 6) If the owner contributes $42,100 and the owner withdraws $1,300, how much is net income (loss)?Net Income (Loss)
Using the Expanded Accounting EquationUsing 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 LiabilitiesBeginning of Year: $25,000 $18,000End of Year: $62,000 $25,000 n1) What is the equity at the beginning of the year?Beginning Equity 7,000 2) What is the equity at the end of the year?Ending Equity 37,000 3) If the owner contributes $7,000 and the owner withdraws $38,400, how much is net income (loss)?Net Income (Loss) 4) If net income is $1,000 and owner withdrawals are $9,400, how much did the owner contribute (owner, capital)?Owner, Capital 5) If the owner contributes $18,400 and net income is $16,400, how much did the owner withdraw (owner, withdrawals)?Owner, Withdrawals 6) If the owner contributes $42,100 and the owner withdraws $1,300, how much is net income (loss)?Net Income (Loss)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounting Cycle Tutorial Step:1 Account Balances
4 Balancing the Expanded Accounting EquationCalculator Glossary
Activity 4.b - Using the Expanded Accounting EquationUsing the
n1) What is the equity at the beginning of the year?Beginning Equity 7,000
2) What is the equity at the end of the year?Ending Equity 37,000
3) If the owner contributes $7,000 and the owner withdraws $38,400, how much is net income (loss)?Net Income (Loss)
4) If net income is $1,000 and owner withdrawals are $9,400, how much did the owner contribute (owner, capital)?Owner, Capital
5) If the owner contributes $18,400 and net income is $16,400, how much did the owner withdraw (owner, withdrawals)?Owner, Withdrawals
6) If the owner contributes $42,100 and the owner withdraws $1,300, how much is net income (loss)?Net Income (Loss)
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![### Financial Accounting Practice Questions and Solutions
#### Assets and Liabilities Table:
| | Assets | Liabilities |
|-----------------------|---------|-------------|
| **Beginning of Year** | $25,000 | $16,000 |
| **End of Year** | $63,000 | $27,000 |
1. **What is the equity at the beginning of the year?**
- **Calculation:**
\[
\text{Beginning Equity} = \text{Assets} - \text{Liabilities} = \$25,000 - \$16,000 = \$9,000
\]
- **Answer:**
\[
9000
\]
2. **What is the equity at the end of the year?**
- **Calculation:**
\[
\text{Ending Equity} = \text{Assets} - \text{Liabilities} = \$63,000 - \$27,000 = \$36,000
\]
- **Answer:**
\[
36000
\]
3. **If the owner contributes $7,000 and the owner withdraws $43,000, how much is net income (loss)?**
- **Answer:**
\[
63000
\]
4. **If net income is $2,700 and owner withdrawals are $5,700, how much did the owner contribute (owner, capital)?**
- **Input Required:**
\[
\text{Owner, Capital} =
\]
5. **If the owner contributes $15,600 and net income is $16,800, how much did the owner withdraw (owner, withdrawals)?**
- **Input Required:**
\[
\text{Owner, Withdrawals} =
\]
6. **If the owner contributes $41,000 and the owner withdraws $1,100, how much is net income (loss)?**
- **Input Required:**
\[
\text{Net Income (Loss)} =
\]
### Instructions
- Enter your answers in the provided fields.
- Click **"CHECK ANSWER"** to verify your responses.
- If you need to reset your entries, click **"RESET"**.
### Notes
- This activity is designed to help you understand the relationship between assets, liabilities](https://content.bartleby.com/qna-images/question/4735f1b2-265e-4cd1-8033-4af3dd4afed2/98ba457a-d8ff-49a1-9652-d640b9edc248/9hewiam_processed.jpeg)
Transcribed Image Text:### Financial Accounting Practice Questions and Solutions
#### Assets and Liabilities Table:
| | Assets | Liabilities |
|-----------------------|---------|-------------|
| **Beginning of Year** | $25,000 | $16,000 |
| **End of Year** | $63,000 | $27,000 |
1. **What is the equity at the beginning of the year?**
- **Calculation:**
\[
\text{Beginning Equity} = \text{Assets} - \text{Liabilities} = \$25,000 - \$16,000 = \$9,000
\]
- **Answer:**
\[
9000
\]
2. **What is the equity at the end of the year?**
- **Calculation:**
\[
\text{Ending Equity} = \text{Assets} - \text{Liabilities} = \$63,000 - \$27,000 = \$36,000
\]
- **Answer:**
\[
36000
\]
3. **If the owner contributes $7,000 and the owner withdraws $43,000, how much is net income (loss)?**
- **Answer:**
\[
63000
\]
4. **If net income is $2,700 and owner withdrawals are $5,700, how much did the owner contribute (owner, capital)?**
- **Input Required:**
\[
\text{Owner, Capital} =
\]
5. **If the owner contributes $15,600 and net income is $16,800, how much did the owner withdraw (owner, withdrawals)?**
- **Input Required:**
\[
\text{Owner, Withdrawals} =
\]
6. **If the owner contributes $41,000 and the owner withdraws $1,100, how much is net income (loss)?**
- **Input Required:**
\[
\text{Net Income (Loss)} =
\]
### Instructions
- Enter your answers in the provided fields.
- Click **"CHECK ANSWER"** to verify your responses.
- If you need to reset your entries, click **"RESET"**.
### Notes
- This activity is designed to help you understand the relationship between assets, liabilities
Solution
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