[Dholmes23]

Liabilities - 12475
Equity - unknown
Assets- unknown

Owner investments- 9750
Net income(loss)- (1194)
Owner cash withdrawals 5875

[pready]

It looks like you only have information for one year and you need the information for the previous year, or there is an error on the amounts because right now with what is provided equity would be a negative number.

Take your equity from the previous year plus owner investments plus net income minus owner withdrawals equals ending equity.

Once you have ending inventory add liabilities from current year equals current year assets.

I have seen this problem on this site a lot and your beginning equity will be previous year assets minus previous year liabilities.

[Dholmes23]

It looks like you only have information for one year and you need the information for the previous year, or there is an error on the amounts because right now with what is provided equity would be a negative number.

Take your equity from the previous year plus owner investments plus net income minus owner withdrawals equals ending equity.

Once you have ending inventory add liabilities from current year equals current year assets.

I have seen this problem on this site a lot and your beginning equity will be previous year assets minus previous year liabilities.

Yea I did leave it out and still can't figure it out
Previous year assets- 22400
Previous year liabilities- 12096

[pready]

First start with finding previous year equity. The formula is:

Equity = Assets - Liabilities

Now you can find ending current year equity. The formula is:

Ending Equity = Beginning Equity + Owner Investments + Net Income - Cash Withdrawals

Now you can find current year assets. Your formula is:

Assets = Liabilities + Equity