Reference no: EM132957159
Question - Using the expanded accounting equation, calculate and enter the answers for each question.
Assets Liabilities
Beginning of Year: $27,000 $17,000
End of Year: $62,000 $29,000
a) If the owner contributes $6,900 and the owner withdraws $37,700, how much is net income (loss)?
b) If net income is $2,100 and owner withdrawals are $5,300, how much did the owner contribute (owner, capital)?
c) If the owner contributes $18,200 and net income is $16,900, how much did the owner withdraw (owner, withdrawals)?
d) If the owner contributes $42,300 and the owner withdraws $3,200, how much is net income (loss)?
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