December 31, 2010
Assets $46000
Liabilities $37720

December 31, 2011
Assets $49000
Liabilities ?

During year 2011
Stock issuances $6000
Net income (loss) $11,270
Cash dividends $3500

Equity on Dec 31, 2010= (I know it's $8280... assets-liabilities=equity)
Equity on Dec 31, 2011=
Liabilities on Dec 31, 2011=

I can not figure out how to get equity and liabilities for Dec 31, 2001.
Help please?

Never mind I figured it out.

First start with finding owners equity at Dec 31,2010. Which you did.

Now take the owners equity at Dec 31, 2010 plus stock issuances plus net income minus cash dividends to get owners equity at Dec 31, 2011.

Now you have assets and owners equity at Dec 31, 2011 you can get liabilities at Dec 31, 2011, which is Assets at Dec 31, 2011 minus Owners Equity at Dec 31, 2011.

Thanks. It took me a while, but I figured that out. Once I figure out the equations, I'm capable of plugging in the numbers.