The following information is from a new business. Comment on the year-to-year changes in the accounts and possible sources and uses funds (how were the funds obtained and used). Owner'sAssetsLiabilitiesEquityEnd of Year 1End of Year 2End of Year 3$137,000148,000168,000$62,00057,00080,000$75,00091,00088,000

Accounting equation of the business has three main elements. These are Assets, Liabilities and…

Answered: The following information is from a new…

The following information is from a new business. Comment on the year-to-year changes in the accounts and possible sources and uses funds (how were the funds obtained and used).

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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Question

The following information is from a new business. Comment on the year-to-year changes in the accounts and possible sources and uses funds (how were the funds obtained and used).

Owner's
Assets
Liabilities
Equity
End of Year 1
End of Year 2
End of Year 3
$137,000
148,000
168,000
$62,000
57,000
80,000
$75,000
91,000
88,000

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