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    brittanyrogers's Avatar
    brittanyrogers Posts: 1, Reputation: 1
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    #1

    Mar 11, 2014, 03:32 PM
    How can you find equity without being given liabilities in Accounting
    Assets= 58,000
    Liabilities not given


    Owners investments: 6,000
    Net income (loss): 8,500
    Owner cash withdrawls: 3,500
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Mar 11, 2014, 06:24 PM
    First you have to find Owners Equity.
    The formula based on what you have is:
    Owners Equity = Owners Investments + Net Income - Owners Cash Withdrawals

    Now you need to know the basic accounting equation, which is:
    Assets = Liabilities + Owners Equity, which can be rewritten as:
    Liabilities = Assets - Owners Equity
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