Assignment
Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions.
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Assets Liabilities
Beginning of Year: $25,000 $15,000
End of Year: $64,000 $26,000
I. What is the equity at the beginning of the year?
II. What is the equity at the end of the year?
III. If the owner contributes $8,300 and the owner withdraws $42,400, how much is net income (loss)?
IV. If net income is $2,100 and owner withdrawals are $9,100, how much did the owner contribute (owner, capital)?
V. If the owner contributes $15,400 and net income is $19,700, how much did the owner withdraw (owner, withdrawals)?
VI. If the owner contributes $44,700 and the owner withdraws $1,300, how much is net income (loss)?
Format your assignment according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.