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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: $25,000 $16.000 End of Year: $61,000 $29,000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity 9000 Ending Equity 32000 3) If the owner contributes $9,900 and the owner withdraws $42,700, how much is net income (loss)? 4) If net income is $1,800 and owner withdrawals are $5,500, how much did the owner contribute (owner, capital)? Net Income (LosS) 9,800 Owner, Capital 5) If the owner contributes $15,800 and net income is $17,900, how much did the owner withdraw (owner, withdrawals)? 6) If the owner contributes $43,900 and the owner withdraws $1,700, how much is net income (loss)?

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: $25,000 $16.000 End of Year: $61,000 $29,000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity 9000 Ending Equity 32000 3) If the owner contributes $9,900 and the owner withdraws $42,700, how much is net income (loss)? 4) If net income is $1,800 and owner withdrawals are $5,500, how much did the owner contribute (owner, capital)? Net Income (LosS) 9,800 Owner, Capital 5) If the owner contributes $15,800 and net income is $17,900, how much did the owner withdraw (owner, withdrawals)? 6) If the owner contributes $43,900 and the owner withdraws $1,700, how much is net income (loss)?

FINANCIAL ACCOUNTING
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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Hi everyone. I got stuck with question 3 4 5 6. Can you guys help me with it?

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Assets Liabilities Beginning of Year: $25,000 $16,000 End of Year: $61,000 $29,000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity 9000 Ending Equity 32000 3) If the owner contributes $9,900 and the owner withdraws $42,700, how much is net income (loss)? 4) If net income is $1,800 and owner withdrawals are $5,500, how much did the owner contribute (owner, capital)? Net Income (Loss) 9,800 Owner, Capital 5) If the owner contributes $15,800 and net income is $17,900, how much did the owner withdraw (owner, withdrawals)? 6) If the owner contributes $43,900 and the owner withdraws $1,700, how much is net income (loss)? Owner, Net Income (Loss) Withdrawals
Transcribed Image Text:Assets Liabilities Beginning of Year: $25,000 $16,000 End of Year: $61,000 $29,000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity 9000 Ending Equity 32000 3) If the owner contributes $9,900 and the owner withdraws $42,700, how much is net income (loss)? 4) If net income is $1,800 and owner withdrawals are $5,500, how much did the owner contribute (owner, capital)? Net Income (Loss) 9,800 Owner, Capital 5) If the owner contributes $15,800 and net income is $17,900, how much did the owner withdraw (owner, withdrawals)? 6) If the owner contributes $43,900 and the owner withdraws $1,700, how much is net income (loss)? Owner, Net Income (Loss) Withdrawals
Pearson ACT – Sole Proprietorship (CA) - Google Chrome i act.pearsoncmg.com/activity/1/4/2 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: $25,000 $16,000 End of Year: $61,000 $29,000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity 9000 Ending Equity 32000 3) If the owner contributes $9,900 and the owner withdraws $42,700, how much is net income (loss)? 4) If net income is $1,800 and owner withdrawals are $5,500, how much did the owner contribute (owner, capital)? Net Income (Loss) 9,800 Owner, Capital 5) If the owner contributes $15,800 and net income is $17,900, how much did the owner withdraw (owner, withdrawals)? 6) If the owner contributes $43,900 and the owner withdraws $1,700, how much is net income (loss)? 3:52 PM O Type here to search 4») ENG 2/18/2021
Transcribed Image Text:Pearson ACT – Sole Proprietorship (CA) - Google Chrome i act.pearsoncmg.com/activity/1/4/2 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: $25,000 $16,000 End of Year: $61,000 $29,000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity 9000 Ending Equity 32000 3) If the owner contributes $9,900 and the owner withdraws $42,700, how much is net income (loss)? 4) If net income is $1,800 and owner withdrawals are $5,500, how much did the owner contribute (owner, capital)? Net Income (Loss) 9,800 Owner, Capital 5) If the owner contributes $15,800 and net income is $17,900, how much did the owner withdraw (owner, withdrawals)? 6) If the owner contributes $43,900 and the owner withdraws $1,700, how much is net income (loss)? 3:52 PM O Type here to search 4») ENG 2/18/2021
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