Assets= 58,000
Liabilities not given
Owners investments: 6,000
Net income (loss): 8,500
Owner cash withdrawls: 3,500
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Assets= 58,000
Liabilities not given
Owners investments: 6,000
Net income (loss): 8,500
Owner cash withdrawls: 3,500
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
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