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brittanyrogers
Mar 11, 2014, 03:32 PM
Assets= 58,000
Liabilities not given


Owners investments: 6,000
Net income (loss): 8,500
Owner cash withdrawls: 3,500

pready
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