I begun my business in 2011 with
Investment of 93,244
Drawings were 23,569
Total assets were 467,127
Total liabilities were 247,653
I can't figure out my net income??


so i figured out my net for 2011 was 149,799
thank you very much
how would i figure my net loss what would be the formula?????

First you need to get ending owners equity.

The basic accounting equation is:
Assets = Liabilities + Owners Equity

This formula can be rewritten as:
Owners Equity = Assets - Liabilities

Now you can find net income by using the changes in equity equation, which is:
Ending Owners Equity = Beginning Owners Equity + Investments + Net Income (Revenues - Expenses) - Drawings (Dividends)


This formula can be rewritten to find Net Income as:
Net Income = Ending Owners Equity - Beginning Owners Equity (initial investment) - additional investments + Drawings

Jan 1 Owners Equity, which is beginning equity will be your initial investment

Dec 31 is your ending assets or total assets, ending liabilities or total liabilities, and ending or total owners equity