Find how much is the beginning balance of equity

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Problem 1: The beginning equity is ?5,000. If total income for the period is ?8,000 while total expenses are ?6,000, how much is the ending balance of equity?

Option 1: 7,000

Option 2: 5,000

Option 3: 3,000

Option 4: 1,000

Problem 2: The ending equity is ?9,000. If total income for the period is ?5,000 while total expenses are ?8,000, how much is the beginning balance of equity?

Option 1: 12,000

Option 2: 9,000

Option 3: 6,000

Reference no: EM132828104

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