sing 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: $25,000 - $19,000LiabilitiesEnd of Year: $60,000 - $25,0001) What is the equity at the beginning of the year? Beginning Equity 6,0002) What is the equity at the end of the year?Ending Equity 35,0003) If the owner contributes $5,400 and the owner withdraws $38,500, how much is net income (loss)?Net Income (Loss)62,100This the answers I need help with but you need all of this to answer the questions4 If net income is $3,400 and owner withdrawals are $8,900, how much did the owner contribute (owner, capital)?Owner, Capital5) If the owner contributes $16,200 and net income is $19,800, how much did the owner withdraw (owner, withdrawals)?Owner, Withdrawals6) If the owner contributes $43,600 and the owner withdraws $1,900, how much is net income (loss)?Net Income (Loss) 4:29XPearson ACT - Sole Pro...act.pearsoncmg.comAccounting Cycle TutorialStep 1: Account Balances4 Balancing the Expanded Accounting Equation000.005G 4Privacy Policy Copyright © 2022 Pearson EducationGlossaryLESSON # 4B: BALANCING THE EXPANDED ACCOUNTING EQUATIONThe Expanded Accounting EquationStart with the basics! Remember - the basic accounting equation is Assets = Liability + Equity. Thisequation is best used when solving for questions 1 and 2.When solving for questions 3-6, the following equations should be used:Assets Ending Assets - Beginning AssetsLiabilities - Ending Liabilities - Beginning LiabilitiesAssets - Liabilities + Owner, Capital - Owner, Withdrawals + Net IncomeFirst, solve for the differences in assets and liabilities, then use these in the expanded accountingequation to calculate the answer. Verify your calculated answer by inserting it back into the equation andsolving to validate the equation is in balance.HINT

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Description: sing 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: $25,000 - $19,000Li

The Basic Accounting equation is Assets = Equity + Liabilities Given that Year 1 Assets ($)…

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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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sing 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: $25,000 - $19,000 Liabilities End of Year: $60,000 - $25,000 1) What is the equity at the beginning of the year? Beginning Equity 6,000 2) What is the equity at the end of the year? Ending Equity 35,000 3) If the owner contributes $5,400 and the owner withdraws $38,500, how much is net income (loss)? Net Income (Loss) 62,100 This the answers I need help with but you need all of this to answer the questions 4 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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Pearson ACT - Sole Pro...
act.pearsoncmg.com
Accounting Cycle Tutorial
Step 1: Account Balances
4 Balancing the Expanded Accounting Equation
000.00
5G 4
Privacy Policy Copyright © 2022 Pearson Education
Glossary
LESSON # 4B: BALANCING THE EXPANDED ACCOUNTING EQUATION
The Expanded Accounting Equation
Start with the basics! Remember - the basic accounting equation is Assets = Liability + Equity. This
equation is best used when solving for questions 1 and 2.
When solving for questions 3-6, the following equations should be used:
Assets Ending Assets - Beginning Assets
Liabilities - Ending Liabilities - Beginning Liabilities
Assets - Liabilities + Owner, Capital - Owner, Withdrawals + Net Income
First, solve for the differences in assets and liabilities, then use these in the expanded accounting
equation to calculate the answer. Verify your calculated answer by inserting it back into the equation and
solving to validate the equation is in balance.
HINT

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