In accounting I am given the assets for the year 2009 as 4700 ? On liabilities Contributed capital 600 retained earning ? Revenue 1425 expenses 350. For the year 2010 assets are 5275 liabilities 1975 contributed capital 600 retained earnings ? And expenses 1150. How do I find these answers?

You read your accounting book to understand what the different topics are-Retained earnings, expenses etc. and then how they are journalized. What is an asset? What is a liability?

You have to know 2 formulas to solve these types of problems.

1. The basic accounting equation: Assets = Liabilities + Owners Equity

2. The changes in equity formula: Beginning Owners Equity + Owner contributions(owner investments) + Net Income (Revenues - Expenses) - Owner Withdrawals = Ending Owners Equity.

Note Ending amounts in one accounting period will be the beginning amounts in the next accounting period.

You also need to develop the skill of reading questions and deciding what the required outcome is and what data is important