jlancaster91
Apr 8, 2013, 06:19 PM
Please help me if you can with one of my Accounting homework questions I can't figure it out.
Given for Company A:
December 31, 2009
Assets: $55,000
Liabilities: $24,500
Equity: Assets (55,000) = Liabilties (24,500) + Equity, Equity = 30,500
December 31, 2010
Assets: $58,000
Liabilities: Not Given
During year 2010
Owner Investments: $6,000
Net Income: $8,500
Owner Cash Withdrawals: $3,500
The next question is what is the amount of equity on December 31, 2010?
Then what is the amount of liabilities on December 31, 2010?
If I can get help finding either the equity or liability for December 31, 2010 I should be able to figure the other one out.
I appreciate all the help I can get!
Given for Company A:
December 31, 2009
Assets: $55,000
Liabilities: $24,500
Equity: Assets (55,000) = Liabilties (24,500) + Equity, Equity = 30,500
December 31, 2010
Assets: $58,000
Liabilities: Not Given
During year 2010
Owner Investments: $6,000
Net Income: $8,500
Owner Cash Withdrawals: $3,500
The next question is what is the amount of equity on December 31, 2010?
Then what is the amount of liabilities on December 31, 2010?
If I can get help finding either the equity or liability for December 31, 2010 I should be able to figure the other one out.
I appreciate all the help I can get!