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: $26,000 $18,000 End of Year: $61,000 $26,000 calculate 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? 3) If the owner contributes $8,800 and the owner withdraws $38,900, how much is net income (loss)? 4) If net income is $1,500 and owner withdrawals are $6,000, how much did the owner contribute (owner, capital)? 5) If the owner contributes $19,000 and net income is $15,200, how much did the owner withdraw (owner, withdrawals) 6) If the owner contributes $42,700 and the owner withdraws $1,900, 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: $26,000 $18,000 End of Year: $61,000 $26,000 calculate 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? 3) If the owner contributes $8,800 and the owner withdraws $38,900, how much is net income (loss)? 4) If net income is $1,500 and owner withdrawals are $6,000, how much did the owner contribute (owner, capital)? 5) If the owner contributes $19,000 and net income is $15,200, how much did the owner withdraw (owner, withdrawals) 6) If the owner contributes $42,700 and the owner withdraws $1,900, how much is net income (loss)?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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: $26,000
$18,000 End of Year: $61,000
$26,000 calculate 1) What is the
equity at the beginning of the
year? 2) What is the equity at the
end of the year? 3) If the owner
contributes $8,800 and the owner
withdraws $38,900, how much is
net income (loss)? 4) If net income
is $1,500 and owner withdrawals
are $6,000, how much did the
owner contribute (owner, capital)?
5) If the owner contributes
$19,000 and net income is
$15,200, how much did the owner
withdraw (owner, withdrawals) 6)
If the owner contributes $42,700
and the owner withdraws $1,900,
how much is net income (loss)?
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