Homework Answers
Answer: $11,300
.
Calculation:
Balance sheet equation or Accounting equation:
Assets = Liabilities + Owners' equity
.
At the end of the first year:
Assets = $15,000
Liabilities = $10,875
Owners equity = Assets - Liabilities = $15,000 - $10,875 = $4,125
.
At the end of the second year:
Assets = $15,000 + $1,375 = $16,375
Owners equity = $4,125 + $950 = $5,075
Liabilities = Assets - Owners equity = $16,375 - $5,075 = $11,300
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