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    NinaWebb07's Avatar
    NinaWebb07 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 18, 2017, 02:55 AM
    Find Liabilities
    I have this problem I am confuced with


    December 31,2014
    Assets: 119,000
    Liabilities: ?


    December 31, 2015
    Assets: 113,000
    Liabilities: 70,000


    Owners investments: 6,500
    Net income (loss): 20,000
    Owner cash withdrawals: 11,000


    Calculate the amount of liabilities for December 31, 2014
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    Mar 18, 2017, 03:12 AM
    What do YOU think ?
    While we're happy to HELP we wont do all the work for you.
    Show us what you have done and where you are having problems..
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #3

    Mar 22, 2017, 06:40 PM
    this is the most simple of problems, you should question why you are studying accounting

    the equation is assets - liabilities = equity. This is the principle underlying the construction of any Balance Sheet

    The question is poorly constructed as you must assume that the earnings and drawings relate to current year income in order to make a calculation
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