HIN 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 Liabilities Beginning of Year: $29,000 $19,000 End of Year: $61,000 $28,000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity 10,000 Ending Equity 33,000 3) If the owner contributes $7,500 and the owner withdraws $38,100, how much is net income (loss)? 4) If net income is $3,500 and owner withdrawals are $6,200, how much did the owner contribute (owner, capital)? Net Income (Loss) Owner, Capital 5) If the owner contributes $15,600 and net income is $19,500, how much did the owner withdraw (owner, withdrawals)? 6) If the owner contributes $44,400 and the owner withdraws $4,800, how much is net income (loss)? Owner, Net Income (Loss) Withdrawals

HIN 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 Liabilities Beginning of Year: $29,000 $19,000 End of Year: $61,000 $28,000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity 10,000 Ending Equity 33,000 3) If the owner contributes $7,500 and the owner withdraws $38,100, how much is net income (loss)? 4) If net income is $3,500 and owner withdrawals are $6,200, how much did the owner contribute (owner, capital)? Net Income (Loss) Owner, Capital 5) If the owner contributes $15,600 and net income is $19,500, how much did the owner withdraw (owner, withdrawals)? 6) If the owner contributes $44,400 and the owner withdraws $4,800, how much is net income (loss)? Owner, Net Income (Loss) Withdrawals

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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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