Homework Answers
Option (2) $16,000 is the correct answer.
Calculation
In 12/31/X2
Assets = Owner's Equity + Liabilities
$27,000= Owner's Equity +$14,000
Owner's Equity=$27,000 - $14,000
=$13,000
In 12/31/X3
Owner's Equity = Beginning Owner's Equity + Net Income - Dividend
=$13,000 +$8,000 -$2,000
=$19,000
Assets = Owner's Equity + Liabilities
$35,000 = $19,000 + Liabilities
Liabilities =$35,000 - $19,000
Answer =$16,000
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