Solution-Discuss solve for leahy''s net income or loss for

Discuss solve for leahy''s net income or loss for the period

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Reference no: EM131767087

Requirement 1. Compute the missing amount for Leahy Company. You will need to work through owner's equity.

Begin by working through owner's equity. Rework the accounting equation and then solve for owner's equity ("equity") at the beginning and end of the period.

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	Assets	-	Liabilities	=	Equity
Beginning	68000	-	55000	=	13000
Ending	83000	-	32000	=

Identify the formula to show the change in equity and then complete the calculation to solve for the missing expenses for the period. (For accounts with a $0 balance, make sure to enter "0" in the appropriate column. Abbreviations used: Contributions = Owner contribution; Withdrawals = Owner withdrawal; Capital, Beg. = Capital, Beginning.)

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Capital, Beg.	+	Contributions	-	Withdrawals	+	Revenues	-	Expenses	=	Capital, Ending
	+	9000	-	15000	+		-		=

Requirement 2. Did Leahy earn a net income or suffer a net loss for the year? Compute the amount.

Identify the formula and then solve for Leahy's net income or loss for the period. (Use parentheses or a minus sign for a netloss.)

Reference no: EM131767087

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Discuss solve for leahy''s net income or loss for the period

Reference no: EM131767087

Reference no: EM131767087

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