Reference no: EM132532219
Question - Using the expanded accounting equation, calculate and enter the answers for each question.
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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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$19,000
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End of Year:
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$63,000
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$25,000
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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 $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)?