The following information is from a new business. Assets - Liabilities = Owner’s Equity End of Year 1 $248,000 $121,000 $127,000 End of Year 2 293,000 153,000 140,000 End of Year 3 218,000 85,200 132,800 Comment on the year-to-year changes in the accounts and possible sources and uses of funds (how were the funds obtained and used). End of Year 1: Asset of $ financed by of $ and combination of of $. End of Year 2: Asset of $ financed by of $ and combination of of $. End of Year 3: Assets of $ used to $ of liabilities. Company also had combination of of $ (or small net income offset by large withdrawals).
The following information is from a new business. Assets - Liabilities = Owner’s Equity End of Year 1 $248,000 $121,000 $127,000 End of Year 2 293,000 153,000 140,000 End of Year 3 218,000 85,200 132,800 Comment on the year-to-year changes in the accounts and possible sources and uses of funds (how were the funds obtained and used). End of Year 1: Asset of $ financed by of $ and combination of of $. End of Year 2: Asset of $ financed by of $ and combination of of $. End of Year 3: Assets of $ used to $ of liabilities. Company also had combination of of $ (or small net income offset by large withdrawals).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is from a new business.
Assets | - | Liabilities | = | Owner’s Equity | |
End of Year 1 | $248,000 | $121,000 | $127,000 | ||
End of Year 2 | 293,000 | 153,000 | 140,000 | ||
End of Year 3 | 218,000 | 85,200 | 132,800 |
Comment on the year-to-year changes in the accounts and possible sources and uses of funds (how were the funds obtained and used).
End of Year 1: Asset of $ financed by of $ and combination of of $.
End of Year 2: Asset of $ financed by of $ and combination of of $.
End of Year 3: Assets of $ used to $ of liabilities. Company also had combination of of $ (or small net income offset by large withdrawals).

Transcribed Image Text:The following information is from a new business.
| | Assets | Liabilities | Owner’s Equity |
|-------|-----------|-------------|----------------|
| End of Year 1 | $248,000 | $121,000 | $127,000 |
| End of Year 2 | 293,000 | 153,000 | 140,000 |
| End of Year 3 | 218,000 | 85,200 | 132,800 |
Comment on the year-to-year changes in the accounts and possible sources and uses of funds (how were the funds obtained and used).
**End of Year 1:**
Asset **increase** of $________ financed by $________ of liabilities and combination of $________ of __________.
**End of Year 2:**
Asset **increase** of $________ financed by **increase** of $________ and combination of __________ of $________.
**End of Year 3:**
Assets of $________ used to $________ of liabilities. The company also had a combination of $________ (or a small net income offset by large withdrawals).
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