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    grandbaby424's Avatar
    grandbaby424 Posts: 1, Reputation: 1
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    #1

    Aug 24, 2015, 01:07 PM
    Accouting
    In accounting I am given the assets for the year 2009 as 4700 ? On liabilities Contributed capital 600 retained earning ? Revenue 1425 expenses 350. For the year 2010 assets are 5275 liabilities 1975 contributed capital 600 retained earnings ? And expenses 1150. How do I find these answers?
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
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    #2

    Aug 24, 2015, 03:50 PM
    You read your accounting book to understand what the different topics are-Retained earnings, expenses etc. and then how they are journalized. What is an asset? What is a liability?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Aug 25, 2015, 01:46 PM
    You have to know 2 formulas to solve these types of problems.

    1. The basic accounting equation: Assets = Liabilities + Owners Equity

    2. The changes in equity formula: Beginning Owners Equity + Owner contributions(owner investments) + Net Income (Revenues - Expenses) - Owner Withdrawals = Ending Owners Equity.

    Note Ending amounts in one accounting period will be the beginning amounts in the next accounting period.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #4

    Aug 27, 2015, 05:17 PM
    You also need to develop the skill of reading questions and deciding what the required outcome is and what data is important

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