The question is What is the amount of equity on December 31 and what is the amount of liabilities on December 31
Diagram
December 31
Assets... 58,000
Liabilites..
During the Year
Owner investments... 6,000
Net Income... 8,500
Owner Case Withdrawals... 3,500
I have to find the equity and the liabilites and I am not for sure how to go about doing that could some one help and explain the steps thanks