The following information is from a new business. Assets-Liabilities=Owner’s EquityEnd of Year 1$248,000 $121,000 $127,000 End of Year 2293,000 153,000 140,000 End of Year 3218,000 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 **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).

Name: The following information is from a new business. Assets-Liabilities=O
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Description: The following information is from a new business. Assets-Liabilities=Owner’s EquityEnd of Year 1$248,000 $121,000 $127,000 End of Year 2293,000 153,000 140,000 End of Year 3218,000 85,200 132,800 Comment on the year-to-y

As per the accounting equation, assets are always equal to the sum of liabilities and owner's…

Answered: The following information is from a new…

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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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 **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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