Assignment Problem: Using the Expanded Accounting Equation
Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions.
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Assets
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Liabilities
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Beginning of Year:
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$25,000
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$17,000
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End of Year:
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$62,000
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$27,000
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Q1. What is the equity at the beginning of the year?
Q2. What is the equity at the end of the year?
Q3. If the owner contributes $9,600 and the owner withdraws $40,200, how much is net income (loss)?
Q4. If net income is $2,600 and owner withdrawals are $7,600, how much did the owner contribute (owner, capital)?
Q5. If the owner contributes $19,400 and net income is $19,200, how much did the owner withdraw (owner, withdrawals)?
Q6. If the owner contributes $42,800 and the owner withdraws $3,400, how much is net income (loss)?
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