Question

help pls!

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: $29.000 $16.000 End of Year: $60,000 $29,000 2) What is the equity at the end of the year? 1) What is the equity at the beginning of the year? Beginning Equity 13000 Ending Equity 31000 3) If the owner contributes $9.700 and the owner withdraws $40,500, how much is net income (loss)? 4) If net income is $3,600 and owner withdrawals are $8,900, how much did the owner contribute (owner, capital)? Net Income (Loss) Owner, Capital 5) If the owner contributes $15.700 and net income is $18,100, how much did the owner withdraw (owner, withdrawals)? 6) If the owner contributes $42.600 and the owner withdraws $1.600, how much is net income (loss)? Net Income (Loss) Owner Withdrawals

Answer 1

1) Beginning equity = 29000-16000 = 13000

2) Ending equity = 60000-29000 = 31000

3) Net income (loss) = 13000+9700-40500-31000 = 48800

4) Owner's capital = 13000+3600-8900-31000 = 23300

5) Owner's withdrawal = 13000+15700+18100-31000 = 15800

6) Net income (loss) = 13000+42600-1600-31000 = -23000