Question

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quesuull. You will need to use the answers you calculate for beginning and ending! equity to answer the rest of the questions. OOOOO Assets Liabilities Beginning of Years $27.000 $12.00 End of Year 161.000 $25,000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity 10000 Ending Equity 38000 3) If the owner contributes $5,200 and the owner withdraws $37,700, how much is net income (loss)? 4) If net income is $2,600 and owner withdrawals are $5,100, how much did the owner contribute (owner, capital? Net Income (Loss) I Owner, Capital 5) If the owner contributes $18.600 and net income is $18,500, how much did the owner withdraw (owner, withdrawals)? 6) If the owner contributes $42,700 and the owner withdraws $3,400, how much is net income (loss)? Owner Withdrawals Net Income (Loss) SUBMIT FOR GRADE You have 3 attempts remaining Privacy Poly Copyright 2020 Pe

Answer 1

1) Beginning Equity= Beginning assets-Beginning liabilities

= $27000-17000= $10000

2) Ending equity= Ending assets-Ending liabilities

= $63000-25000= $38000

3) Ending equity= Beginning equity+Owner capital+Net income (loss)-Owner, withdrawals

$38000= $10000+5200+Net income-37700

Net income (loss)= $38000-10000-5200+37700

Net income= $60500

4) Ending equity= Beginning equity+Owner capital+Net income (loss)-Owner, withdrawals

$38000= $10000+Owner capital+2600-5100

Owner capital= $38000-10000-2600+5100

Owner capital= $30500

5) Ending equity= Beginning equity+Owner, capital+Net income (loss)-Owner, withdrawals

$38000= $10000+18600+18500-Owner, withdrawals

Owner, withdrawals= $10000+18600+18500-38000

Owner, withdrawals= $9100

6) Ending equity= Beginning equity+Owner, capital+Net income (loss)-Owner, withdrawals

$38000= $10000+42700+Net income-3400

Net income (loss)= $38000-10000-42700+3400

Net loss= -11300