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    eilatan66's Avatar
    eilatan66 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 28, 2010, 09:37 PM
    Asset, liability, equity
    How do you find:
    Equity Dec 2009
    ,when this is what you are given:

    December 31, 2008
    Assets 46,000
    Liabilities 37,720
    December 31, 2009
    Assets 49,000
    Liabilities ?
    During year 2009
    Stock issuances 6,000
    Net income(loss) 11,270
    Cash dividends 35,000
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #2

    Jan 29, 2010, 01:13 AM

    Use your accounting equation to find the missing equity for the first year.

    Equity consists of stock and retained earnings. Retained earnings consists of net income less dividends.

    You can use those two bits of information to solve this.
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