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how do you find equity and liabilities with just assets

Asked Jun 1, 2012, 09:37 PM — 1 Answer
How do you find Equity and Liabilities for Company A using this information?

Assets- 45,000

During year 2011
owner investments 6,000
net income (loss) 10,190
owner cash withdrawals

1 Answer
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paraclete Posts: 1,882, Reputation: 590
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#2

Jun 2, 2012, 02:11 AM
Quote:
Originally Posted by cookk336 View Post
How do you find Equity and Liabilities for Company A using this information?

Assets- 45,000

During year 2011
owner investments 6,000
net income (loss) 10,190
owner cash withdrawals
it's not hard

equity = 6000-10190 = -4190
assets = 45000
liabilities = 45000-4190

you need to do more thinking and less asking
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