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jlancaster91
Apr 8, 2013, 07:57 PM
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
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.