Reference no: EM132213679
Question - Given
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Assets
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Liabilities
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Beginning of Year:
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$27,000
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$18,000
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End of Year:
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$60,000
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$26,000
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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 $8,700 and the owner withdraws $42,400, how much is net income (loss)?
4) If net income is $2,200 and owner withdrawals are $7,000, how much did the owner contribute (owner, capital)?
5) If the owner contributes $16,600 and net income is $15,500, how much did the owner withdraw (owner, withdrawals)?
6) If the owner contributes $44,800 and the owner withdraws $4,300, how much is net income (loss)?