How do I find what liabilities and equity are for company E with only the asset amount given
Homework Answers
Liabilities and Equity of Company E
Step 1: Ending Equity December 31, 2017
Ending Equity= Ending Assets - Ending Liabilities
Ending Equity = $129,720 - $102,478 = $27,242
Step 2: Beginning Equity December 31, 2016
Beginning Equity = Ending Equity - Owner Investments - Net Income + Owner cash withdrawals
Beginning Equity = $27,242 - $6,500 - $8,810 + $11,000 = $22,932
Step 3: Beginning Liabilities December 31, 2016
Beginning Liabilities = Beginning Assets - Beginning Retained earnings
Beginning Liabilities = $114,660 - $22,932 = $91,728
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Answer: Liabilities of Company E = $91,728 Equity of Company E = $22,932 |
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