Reference no: EM132572501
Using the expanded accounting equation, calculate and enter the answers for ead calculate for beginning and ending equity to answer the rest of the questions.
Assets Liabilities
Beginning of Year: $26,000 $15,000
End of Year: $61,000 $25,000
Question 1: What is the equity at the beginning of the year?
Question 2: If the owner contributes $7,600 and the owner withdraws $37,000, how much is net income (loss)?
Question 3: If the owner contributes $15,000 and net income is $15,600, how much did the owner withdraw (owner, withdrawals)?
Question 4: What is the equity at the end of the year?
Question 5: If net income is $1,100 and owner withdrawals are $1300, how much did the owner contribute
Question 6: If the owner contributes $41,400 and the owner withdraws $1300. how much is net income [loss]?
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