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    jlancaster91's Avatar
    jlancaster91 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Apr 8, 2013, 07:57 PM
    Find assets with liability
    How do I calculate the amount of assets and equity when given...

    December 31, 2009
    Assets: 24,000
    Liabilities: 9,000
    Equity: 15,000

    December 31, 2010
    Assets: Not Given
    Liabilities: 29,000

    During 2010
    Owner Investment: 9,750
    Net Income: 8,000
    Owner Cash Withdrawal: 5,875

    I need to find out the amount of assets and equity for December 31, 2010.
    Thanks!
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Apr 8, 2013, 08:06 PM
    You need to solve for 2010 Owners
    Equity like I posted in your previous post. Once you have 2010
    Owners Equity just add 2010 Liabilities to get 2010 Assets.
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