Homework Answers
Beginning assets = $114,000
Beginning liabilities = $68,000
Beginning equity = Beginning assets - Beginning liabilities
= 114,000-68,000
= $46,000
Ending assets = $135,000
Ending liabilities = $73,000
Ending equity = Ending assets - Ending liabilities
= 135,000-73,000
= $62,000
Ending equity = Beginning equity + Net income + Owner's investment - Owner's withdrawals
62,000 = 46,000+ Net income + 12,000-5,000
Net Income = $9,000
Kindly comment if you need further assistance.
Thanks‼!
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