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    courtneyledezma's Avatar
    courtneyledezma Posts: 1, Reputation: 1
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    #1

    Nov 15, 2012, 09:38 PM
    how do you find net income when you're given assets and liabilities
    I am given total assets = $400,000 and total liabilities = $250,000. I am also given the initial investment which = $100,000 and drawings which was $15,000. My question is, From an analysis of the change in owner's equity during the year, compute the net income (or loss)
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Nov 16, 2012, 06:24 AM
    we have answered this many times

    assets - liabilities = equity

    equity is made up of capital, retained earnings and dividends paid
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