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What is the equity at the beginning of the year

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Question - Using the expanded accounting equation, calculate and enter the answers for each question.

 

Assets

Liabilities

Beginning of Year:

$27,000

$19,000

End of Year:

$63,000

$25,000

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 $7,000 and the owner withdraws $42,800, how much is net income (loss)?

4) If net income is $1,400 and owner withdrawals are $7,200, how much did the owner contribute (owner, capital)?

5) If the owner contributes $18,400 and net income is $15,000, how much did the owner withdraw (owner, withdrawals)?

6) If the owner contributes $43,600 and the owner withdraws $4,300, how much is net income (loss)?

Reference no: EM132532219

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