Century 21 Accounting General Journal Working Papers
11th Edition
ISBN: 9781337623247
Author: Gilbertson, Claudia Bienias.
Publisher: Cengage Learning,
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General accounting
Use the Following Data:
Assets
Liabilities
Beginning of Year
$25,000
$ 17,000
End of Year
$ 62,000
$27,000
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 $9,600 and the owner withdraws $40,200,
how much is net income (loss)?
4. If net income is $2,600 and owner withdrawals are $7,600, how much
did the owner contribute (owner, capital)?
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