I have this problem I am confuced with


December 31,2014
Assets: 119,000
Liabilities: ?


December 31, 2015
Assets: 113,000
Liabilities: 70,000


Owners investments: 6,500
Net income (loss): 20,000
Owner cash withdrawals: 11,000


Calculate the amount of liabilities for December 31, 2014

What do YOU think ?
While we're happy to HELP we wont do all the work for you.
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this is the most simple of problems, you should question why you are studying accounting

the equation is assets - liabilities = equity. This is the principle underlying the construction of any Balance Sheet

The question is poorly constructed as you must assume that the earnings and drawings relate to current year income in order to make a calculation