Homework Answers
Beginning assets = $20,000
Beginning liabilities = $40,000
Beginning equity = Beginning assets - Beginning liabilities
= 20,000-40,000
= -$20,000
Ending assets = $35,000
Ending liabilities = $20,000
Ending equity = Ending assets - Ending liabilities
= 35,000-20,000
= $15,000
Net Income = Ending equity - Beginning equity
= 15,000- (-20,000)
= $35,000
Beginning assets = $50,000
Beginning liabilities = $20,000
Beginning equity = Beginning assets - Beginning liabilities
= 50,000-20,000
= $30,000
Ending assets = $35,000
Ending liabilities = $50,000
Ending equity = Ending assets - Ending liabilities
= 35,000-50,000
= -$15,000
Net Income = Ending equity - Beginning equity
=(- 15,000) + 30,000
= $15,000
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