Homework Answers
Beginning equity = Beginning assets - Beginning liabilities
= 142,000 - 60,875
= $81,125
Ending equity = Ending assets - Ending liabilities
= 195,500 - 79,178
= $116,322
Net income (Loss) = End of the year Equity + Withdrawals by owner - Owner investments - Beginning of the year Equity
| a | b | c | d | |
| Beginning of the year - Equity | $81,125 | $81,125 | $81,125 | $81,125 |
| Owner investments | 0 | 0 | - 45,000 | - 35,000 |
| Withdrawals by owner | 0 | 10,800 | 0 | 10,800 |
| Net income (Loss) | $35,197 | $45,997 | - $9,803 | $10,997 |
| End of the year - Equity | $116,322 | $116,322 | $116,322 | $116,322 |
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