My homework question gives me the following information

Cash balance Jan 1 23,000
A/R Jan 1 19,000
Collections rec'd 200,000
Capital Acct Jan 1 38,000
Total Assets Jan 1 75,000
Cash invest. added 5,000
Total Assets Dec 31 101,000
Cash balance Dec 31 20,000
A/R Dec 31 36,000
Merchandise taken
for personal use 11,000
Total Liabilities Dec 31 41,000

I know that net income is revenues less expenses = net income

This is what I calculated and would like to know if it is correct and if not please help me.

Thanks

Ending OE = 60,000

Beginning Assets $75,000
Investments 5,000
Withdrawls 11,000
+ net income XXX
---------------------------------
= Ending Owners Equity = 60,000

Net income is <9,000>

Is this correct? Thank you

Assets = Liabilities + Owners Equity.

First figure out the ending amounts for individual accounts the Balance Sheet then figure out the balance sheet amounts.

Account for the Difference in Owner's Equity such as stock purchases, Dividends, Owner's contributions, Owner's withdrawals, etc. Unexplained difference is Net Income.