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    gbilodeau25's Avatar
    gbilodeau25 Posts: 1, Reputation: 1
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    #1

    Jun 3, 2012, 07:49 PM
    How to figure out liabilities for accounting
    How can I figure out Assets and Equity for 2012? This is the information I have.

    December 31, 2011
    Assets $53 500
    Liabilities $13 250
    Equity $40 250

    December 31, 2012
    Assets $
    Liabilities $18 500
    Equity $

    During 2012
    Owner Investments $3 250
    Net Income $ 16 750
    Owner Withdrawal $9 250
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Jun 3, 2012, 11:06 PM
    Quote Originally Posted by gbilodeau25 View Post
    How can I figure out Assets and Equity for 2012? This is the information I have.

    December 31, 2011
    Assets $53 500
    Liabilities $13 250
    Equity $40 250

    December 31, 2012
    Assets $
    Liabilities $18 500
    Equity $

    During 2012
    Owner Investments $3 250
    Net Income $ 16 750
    Owner Withdrawal $9 250
    It is faily simple assets - liabi;ities = equity and you should be able to check the movement from the other data

    This is basic accounting and you should not need to ask questions like this
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