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

    Jan 28, 2013, 04:15 PM
    accounting help
    how do I find Liabilities?

    assets = 48000
    liabilities= ?


    owner investment = 5000
    net income (loss) = 7500
    owner cash withdrawals= 2500




    then how do I find net income (loss)?

    assets= 41000
    liabilities= 27500

    owner investments= 1500
    net income (loss)= ?
    owner cash withdrawals= 3000
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Jan 28, 2013, 04:49 PM
    For the first part you first need to find owners equity. Take the owners investment plus net income minus owners withdrawals equals owners equity. Now take your asset minus owners equity to get your liabilities.

    For the second part take your assets minus liabilities to get owners equity. Now take your owners equty minus owner investments plus your owners withdrawals to get your net income.
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